Am I Getting the BEST Deal Mortgage Rates?

Am I Getting the BEST Deal I can on Mortgage Rates?
Dave Larsen:
Am I getting the best deal that I can on my mortgage interest rate?

Hi, Dave Larsen, West USA Realty. I’m happy to answer that. This question comes up quite a bit, everybody wants to get the best deal that’s available, I know I sure do like. To the first step to answer this question for you is to have your lender provide a written estimate of the fees and costs for your loan. This is only an estimate, but it will give us a good idea what to expect. As your realtor, I’m always happy to look over the rate and fee estimate the lender provides and to be sure it’s in line with the current market conditions and that you’re not being overcharged anywhere. Happy to take a look at it.

Please keep in mind the interest rate that they’re quoting and that any lender would quote is based on the rate available the day of the estimate. Mortgage rates, like a lot of rates, change daily based on what happens in the New York bond market. They’re not usually dramatically swaying one way or another, but they do move up and down depending upon economic conditions and economic reports that might come out. This sounds scary, but there is a great solution once you have found a home. Once you’re under contract to purchase, you’ll have the option to lock or hold the interest rate for 30 to 45 days until closing. This will give you a great peace of mind because you’ll know exactly what your interest rate is regardless of what happens to interest rates after you lock. Just great peace of mind. You’d also have the option though, I don’t recommend it, to float or gamble that the rate would go lower. It’s a little risky because rates could go up or they could go down until you lock your rate you’re just taking a chance on whether you win or the bank wins.

Hope that answered the question for you, but call or text me at 602-430-5755 if you’d like a more detailed explanation. As always, don’t hesitate to call me with any questions you might have on real estate. That’s what I’m here for. Bye-bye for now.
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