What’s a mortgage rate, anyway?
Seems like a simple question, but the answer can be complicated. In general, a mortgage rate is the rate of interest charged on a mortgage. But mortgage rates can be either fixed (they stay the same throughout the loan payback period) or variable (subject to change). There are many different ways that a rate can be adjusted up or down, so it’s important to contact a loan originator for specifics.
Why don’t we post mortgage rates on our website?
There are many different factors that go into mortgage rates. Mortgage rates can be adjusted up or down or vary based on your credit profile or loan program. Other lenders may post low rates on their websites, but their advertised rate might not be available to you. It’s important to meet with one of our experienced loan originators for specifics about your mortgage rate.
When shopping for a mortgage, it’s generally assumed that the lowest rate is the best loan. Many big national conglomerate lenders promote this idea, but the truth is the interest rate is only one-third of the equation when it comes to getting the right mortgage for you. The perfect loan package takes into account the rate, the loan fees and the loan program itself — three crucial parts that work together. In the end, getting the whole equation right can save you tens of thousands of dollars.
And that doesn’t even touch on customer service — which is crucial in such a specialized field. Having an experienced team of mortgage professionals who can guide and direct you toward the correct mortgage package that meets your situation can save you time and thousands of dollars. Each mortgage should be looked at on a case-by-case basis before an accurate mortgage rate can be determined. And you can trust our loan professionals to get you the best mortgage rate and find the best loan program for you.
Are mortgage rates the most important thing to consider when buying a home?
Shopping around for the best rate and hoping that leads to the best home loan is like shopping for the best tires to find the best car. Many other factors are worth considering when you’re buying a home.
Consider your total monthly payment — principal, taxes, insurance, and any potential homeowners association dues. The down payment is also an important factor — a larger down payment may lower your interest rate, but using that money upfront might expose you to risk down the road.
In the end, the smartest way to get the best loan is to get help from the best people. Not all lenders are the same — the proficiency and reputation of lenders varies widely and can make a huge difference to your home buying experience. The right lender can mean the difference between getting your dream home and losing it.
Our loan officers have a high reputation for service quality. Your home purchase is a big step in your life, and we’re here to make that step as smooth and successful as possible.
This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. SecurityNational Mortgage Company is an Equal Housing Lender NMLS# 3116.
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