Our finance industry can provide more precise answer to any questions
about interest rates when they have following information from the borrower.
â€¢ Purchase or refinance
â€¢ Owner occupied or rental property
â€¢ Loan amount conforming, jumbo or super jumbo?
â€¢ LTV loan to value ratio
â€¢ How many % down payment ( kind of same as LTV)
â€¢ FICO score credit score from all three bureaus
â€¢ Single family home or Town home or Condo
â€¢ If town house or condo occupancy ratio( owners v/s renters)
â€¢ Income v/s debt ratio
â€¢ FHA or conventional financing
â€¢ How many points you want to pay to buy down the rates?
â€¢ Is this loan going to be a 30, 15 or 5 years fixed or it is going to be an adjustable rate mortgage?
My suggestion is please get info together and meet with 2-3 loan officers and make you plan.
Itâ€™s very important to see your financial evaluation and loan approval done prior to looking for an investment.
Good luck to you,
Rates are in the high 4% to low 5% range right now. There are so many factors that determine rate, (credit score, how many tradelines on the bureau, old or active accounts, condo, townhouse or single-family residence, down payment, FHA vs conventional, Jumbo vs. Conforming) that anyone quoting a specific rate is really doing you a disservice. My recommendation is that you interview loan officers, make sure they are watching the bond market - real time, every day and that they have more than one option for them to choose from for you and above all, someone that you feel you can trust - then go with them. You will have friends and family come out of the woodwork telling about this person or that - but if you can't trust them or don't believe that they will do a professional job for you specifically - don't bother. Good luck - let me know how I can help.
Asking for the loan rate is like calling your local Ford car dealer and asking what a car costs.
There are too many variables for a definite answer.
Best bet is to connect with a mortgage consultant you trust and work with them.
Another item to consider is that rates change daily sometimes hourly. So if you call around and get quotes from several lenders by the time you get the rate from the last lender, rates have probably changed so you will be running around like a dog chasing its tail.
Trust and honesty are the keys to a successful mortgage transaction.
Your question implies that you do not have a lender working on your behalf or that you chose not to contact your lender for some reason.
If you are serious about buying a house, you need to get preapproved for a loan. If you have already done so, great. If not, that is the first step that you need to take. No seller will take you seriously if you cannot provide proof that you have been approved for a loan at the time that you submit your purchase offer.
Also, the preapproval will pinpoint the price bracket wherein you should search for your house. There is no point looking at properties that you canâ€™t afford. It would be frustrating if you fell in love with a house only to find out that you cannot get a loan to buy it.
If you do not have a lender with whom you want to work, I recommend John Dutra, who is one of the people who answered your question. I have often referred my clients to John for their loan needs. He is professional, dedicated, and knowledgeable.
In addition to a lender, you should also decide on a REALTOR with whom to associate yourself. Your REALTOR and your lender will work as a team to help you to get the house that meets your needs.
John Juarez, REALTOR
Windermere Properties of the East Bay
I would HIGHLY advise that you review the three following links to inform yourself on how mortgage rates are determined, in general, and for each individual person. Once you read the information I'm sure you will find it very useful.
My office is located in Fremont if you would like to meet in person to talk in more detail.
Best Regards, Steve