Your concern to obtain the lowest rate is an important topic these days. You should not just look for the lowest rate. Lowest rate does not always mean that you will obtain the best loan. You want to look for the best program for your needs. Such as: how much money do you have to work with, do you need the seller to assist your with closing costs and tax and insurance escrows, do you qulify for No money down loans (yes they still exist- only a few), government loan vs conventional vs Bond loans, PMI vs No PMI, your credit scores,
As far as Broker vs Lender rates should be almost equal. Everyone prices their loans the same. Based on the mortgage backed securities. You should work with a reputable lender.
The one thing I do not recommend is a 40 year loan. If you do find a 40 year is is almost always a adjustable rate. I am not a fan of ARM loans for the average consumer.
Hope this helps. If I can assist you with any other questions do not hesitate to contact me.
I work for a Mortgage Broker and we deal with several banks. Sometimes one is lower, sometimes the others are lower. it depends on a lot of factors as to which programs you do or do not qualify for. i would be happy to work with you to find the lowest rate that you qualify. Feel free to contact me with any further questions.
The very best of luck to you!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
There really is not a Bank out there that would be known to have the lowest rates...I am being honest with you here. The interest rate is based on the type of loan you get and NEED that fits YOUR needs.....it is also based on your current personal profile, which would include your income, employment information, current debt and also your assets (how much money you have in savings, 401K etc.) So, it really is an individual basis for everyone..OH and one more thing...your interest rate will also have to do with how much money you put down on your home purchase....It all goes by the risk involved with giving you the loan.
If you ask someone to give you 200,000.00 to buy a home and you say...I will give you 20% down and I have a credit score of 700 and have been working at the same job for 10 years and the home I want is a home I will live in for my full time residence...well this is a nice deal for them and your interest rate will be lower than if you ask the same person to give you 200,000.00 and you put down 3% and your credit score is 670 and you have only been working at your job for 1 year. You see what I mean.
The other end of it is working with a Mortgage Broker is the best way to go...as they have access to the most programs available to you. If you need a special program like VA or FHA or even down payment Assistance programs through the State or Rural programs. Local Banks, Credit unions and even some brokers do not have access to programs like this. So, Really...it is best to talk to a Buyer Agent like me who can walk you through the entire process BEFORE you go and have your credit pulled which will reduce your score.
You need to know if the banks or financial institutions have the programs that fit your needs...before they pull your credit.
I hope this information has helped you and if you are looking for a home in the Lehigh Valley area which includes both Lehigh & Northampton Counties....I would love to talk to you more!
NOTE: 40 year mortgages have a higher rate than 30 year
Donâ€™t always go with the lowest. Make sure they are a reputable company!