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Should I Shop for the Best Interest Rate?

With rates rising, we're getting asked this question a lot these days. The quick answer is well of course you should. The reality is though there's way more to it than this. What good is your rate if your loan doesn't close, right?! In keeping with this, it's important to know what you're actually shopping for if you do decide to shop around.

First things first because it's really important..., it is critical that you do not visit and rely on information that's posted on multiple websites that advertise the national average is . Here's why, you are an individual and you are NOT an average. As an individual you have your personal credit score, credit history, income, assets and loan scenario that's specific to YOU. It is impossible to provide an accurate rate quote until you've talked to your lender and have shared all of the information needed in order to provide you an accurate and valid rate quote.

Second, and in continuing with the topic above, these same websites have lenders posting today's rates and interestingly enough, all of their rates are almost identical to the national average . Funny how that works huh? The reason this happens is these lenders have paid the website to advertise their loans for them, and, to recoup their ad costs they advertise teaser rates to get you to apply with them. In addition to being false advertising which by itself is unacceptable, if you look further into the offers you ll see that these teaser rates come with conditions that you re likely not going to be ok with. The most recent ones I ve seen required you to open a checking account with 15k in a bank located in I Never Heard of That Place, North Dakota. The other came with $6000 worth of lender fees. A loan offer that comes with this sort of baggage is something you definitely want to stay away from.

One other thing on lenders that offer teaser rates. These large online lenders will do or say anything to get your commitment to go with them for your home loan. But, once you've committed you are no longer important and it's not likely you'll be able to easily reach your loan officer again. Then if you do reach someone, they don't have any idea what's going on with your loan. With all of the technology we all have access to these days if you can't reach someone at your lender there's a serious problem and you should run quickly in the other direction.

Moving on, when shopping lenders you must be very clear about what it is you're looking for. Some people want a rate quote that comes with zero fees to obtain it. Other people want the best rate they can get and they're willing to pay 'x' amount of dollars to get that rate. When comparing rates quotes from one lender to another there's no way you can make an apples-to-apples comparison and determine which offer is the best one unless you've been really clear with both of them what your goals are.

Finally, and likely the most important thing to consider..., is LISTEN TO YOUR REALTOR . If your Realtor refers you to a local lender it is because he/she has had many positive experiences with that lender. And guess what? Realtors don't care what the interest rates are. What they care about is professionalism, accessibility, open communication and you being happy because your loan experience was great and you closed on time and on schedule.

In summary, when shopping for rates you must realize that the rate is not the most important thing to consider. What good is your rate if your loan does not close? Getting a referral from your Realtor to a local, reputable lender is the only way to go!

Contact Wendy 7 days a week for more information:
Phone or Text: 321-504-1175
Email: wendy@aloaninthesun.com

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  • Detailed loan status updates save you the time and hassle of trying to find out what's going on with your loan file.
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