Since I am talking about rate quotes I wanted to share everything that really needs to be known to give an accurate rate quote
. Since I can't know everything before we speak I have decided not to quote rates until the following information is shared. I feel that this sets me apart from the bait and switch low rate quoter's.
1. Loan amount
2. Value of home
3. Credit Score- Not what the free sites told you but having a mortgage lender check and verify.
4. What type of home is it? Single family or high rise condo.
5. What state is the home in?
6. What type of loan do you want? FHA, VA, Conventional
7. Primary home or an investment property.
8. Term desired-30-25-20-15-10 or an ARM? There are 10,7,5,3 year ARMS. All different rates.
Out of these # 1,2,3 are the most important. If you have 40% equity you will get a better rate than someone with 20% equity. This improvement is from FNMA and FHLMC and applies to all conventional loans. There can me minor factors as well but this is far and away the bulk of what goes into an accurate rate quote
. Now without knowing the following items I askÂ do you really believe you can get an accurate rate quote in a few seconds? Take a few minutes and call a few lenders like me and see what we have to offer. Hope this helps, let me know if you have any questions. The more you understand the easier my job is.