Loans By Kathy

Advice for home buyers, it's not all about the rate!

Kathy Sheehan

This advice for home buyers, it's not all about the rate!!!  I have had the same conversation three times today with first time home buyers.  In each conversation, I was asked the same question, "which program has the lowest interest rate?"  In today's mortgage market, it isn't all about the rate.  It is about which program is the right fit for that buyer.  

"What's the rate?" It is one of those questions that doesn't have a simple answer.  There are too many variables that will impact the interest rate available for the client.  Let's take a look at the areas that will impact the interest rate:

  1. Credit score - an adjustment will be made to your interest rate - the lower your score, the higher the rate
  2. Type of occupancy - Is it for a primary residence, second home or investment property?
  3. Down Payment - the requirements for each will also depend on the program.
  4. Loan size - an adjustment may be made depending on the program.
  5. Closing Date - Are you closing in 30 days?  If you are looking at an extended lock, the rate may also be slightly higher.

Clearly from the list you can see it is not a one size fits all interest rate.  My recommendation is to select the right financing program for you!

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 7 commentsKathy Sheehan • September 19 2013 07:49PM
Advice for home buyers, it's not all about the rate!
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