I get calls from many borrowers asking for the rates. Its easy to tell today's rates based on the analysis of the over 120 lenders I represent. However, the best interest rates are available to the ideal situation and your situation will be different than ideal most of the times. So how does one know the best rate they can get? There are so many situations that determine the best rate you can get.
Market fluctuations definitely hamper the rate shopping activities. For purchase money loans, the time is so critical, rate shoppers may delay their closing and may risk losing their deposit. What matters in the purchase money loan is to know if your loan can be completed on time? How responsive is the lender? You may have a complicated financial situation, like change of jobs, employment gaps, or complicated tax returns that reduce your actual income, self employment, non-steady jobs, unavailability of the down payment funds, source of gift funds and more. So when you look for the mortgage, look for someone who can provide reliable on time service. One of the buyers recently lost the bid, even with pre-approval from the major bank, just because, listing agent had bad experience with the bank performing on time.
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