Hope to hear from you,
Good advice, check with a couple local banks - reputable lenders - and do some comparison shopping to make sure you're getting a fair shake. A lot of things can impact your rate: credit score, down payment, debt to income ratio etc. Borrowers with a stable income, low debts, 740 or higher credit scores, and 20% or more down typically qualify for the lowest rates. If any of these factors is off it could result in either a higher rate or more fees to secure that rate. As of today, 5.3% is a great rate, but even for teh best borrowers you'd probably need to pay some additional fees to get that rate since they've gone up in the last few weeks
The rate you were given could be based on numerous factors, including your own personal situation such as credit, occupancy plans, type of loan wanted/needed, etc. Direct lenders, and mortgage brokers will have different rates, on different days, they even change within the hours. Rates as far as I know, are in the low 5 range - I had a client quoted about 5.25 two days ago - and he has perfect credit, 20 percent down, etc.
Sometimes in lender will charge you discount point in order to get a certain rate. 1 discount point is equal to 1 percent of the loan.
Since so much varies based on the ledner you use, and the day you're getting a quote - it's always best to shop around, especially if you are concerned. But you only have so much time to do this, if you are already in an escrow, with timeles counting down.
The SCV Agents Team @ Realty Executives Valencia
Have you checked with other mortgage brokers? Today, it's best to look at the local places. Locally known banks and/or credit unions. They, for the most part, have not been affected by the bad loans which got us into this mess. They will generally have the money for the loans and they may not have so many hoops to go through. Also, they won't be as expensive, or they shouldn't be.
Terrence Charest, e-Pro
There is not enought backround information in your question fopr asnyone to really interpet it and offer you useful advice. If you are interested in talking tio a great lender, feel free to drop me an line ansd I can send you some names of lenders that have really helped my clients
First Team Real Estate