what are the current 30yr, 15yr, and 10yr intrest rates home path is offering?

Asked by Bernie Reichert, Temple Terrace, FL Tue Oct 9, 2012

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, ,
Tue Oct 9, 2012
When someone calls up a loan officer for an "interest rate quote" there are several questions that need to be answered, including some of the most basic:

1. Loan amount
2. Loan-to-value
3. Credit score (which you provided)
4. Purpose (purchase, refinance, cash out refinance, etc.)
5. Occupancy (owner occupied, second home, non-owner occupied)
6. Property type (single family residence, 2-units, condo, mobile home, etc.)
7. Loan product (ARM, fixed rate, etc.)
8. Financing type (FHA, VA, conforming - which may be tough for a consumer to know, but if you do, it's helpful)
9. Loan term (30-year fixed, 15-year fixed, 5-year ARM, etc.)
10. How many points you want to pay (you may have not known, but all interest rates are available pretty much all of the time, but it is the price, as in how much that interest rate costs in points, that varies on a day-to-day basis)

So when you are asking about rates, if you come into the conversation prepared with as much of that information as possible, you'll have a really good chance at getting an accurate quote.

Interest rates & fees are important, but when you are buying a home THE most important thing is being able to qualify and close on time. If it means .125% higher interest rate, or a few hundred more in fees vs. having a horrible experience with a lender, a delayed closing, etc. then it's usually worth it. But don't get me wrong, you don't have to have higher rates and/or fees in order to get excellent service - but typically the lenders who market "price" instead of "service" you don't get much of the latter.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes
Erek Kirsten, Agent, Tampa, FL
Tue Oct 9, 2012
There are many variables are involved Credit, Loan To Value, Occupancy, Property type, etc. Anyone who quotes you without a full application from you and a subject property is lying.
0 votes
Alma Kee, Agent, Tampa, FL
Tue Oct 9, 2012
You may find that with 5% down versus the minimum 3% down you will get a significantly better rate.

To find out immediatelify you can qualify and get the rates and closing costs go to: http://www.AimLoan.com

All the best,
Alma Rose Kee, PA
Future Home Realty

PS There is also the HomePath Renovation mortgage that will allow you to include repairs in the mortgage. Not many lenders do the Renovation but Regions bank does so go directly to Regions if you're planning to do a Renovation and have your home "model" perfect soon after closing.
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