One of the most popular questions asked of me by borrowers and one that cannot be answered with a quick response is what are rates today? Interest rates have several variables:
- Loan product, term of the loan, credit scores, downpayment or loan size,
- If you are a first time homebuyer or step up homebuyer,
- or for that matter the rates could be different from lender to lender. Lenders can move rates up or down depending on if you are wanting to buy down the rate and pay fees or if you would rather have a little higher rate to offset paying some loan fees.
Your first step is to apply for the loan to determine the best financing options, determine which rate would make the most sense for your specific situation and then make sure that you qualify for that monthly payment based on that rate. The next question that you should ask once you are preapproved should always be “WHAT IS THE APR” (annual percentage rate)? The APR incorporates all of the fees tied to the loan.
Profinium Inc. NMLS# 402979
Jannell Tufte NMLS# 402028
Member FDIC || Equal Housing Lender
Loans are subject to credit and underwriting approval.