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LEARNING SECTION

Interest Rates

General Disclosures & Assumptions

Interest rates change daily and sometimes multiple times daily based on market conditions we have no control over. Your interest rate/points locked will be based on your middle low credit score between all borrowers, the loan to value ratio of your loan, your loan purpose, property type, occupancy type, length of rate lock period, and other factors. These charges/credits to loan pricing come from a Loan-Level Price Adjustment Matrix supplied by our sources, and the agencies Fannie Mae, Freddie Mac, and Ginnie Mae.  

All loans are subject to credit approval and funding by source. Other terms, conditions, restrictions & fees may apply. Mortgage loan programs offering minimal down payment options (usually less than 20% down) most likely require mortgage insurance that may be included in the monthly payment, financed into your loan, or may be paid by the lender in exchange for your willingness to take a slightly higher rate than market. We will discuss your options with you.   

Regarding Rates Posted or E-mail Broadcasts 

The Interest Rate/Points/APR displayed are subject to change (better or worse) without prior notice and are shown for example purposes. They do not constitute a commitment to lend.

APRs do not include other finance charges/credits your loan may be subject to after locking such as a charge for an interest rate lock extension (if needed) or an adverse change in the loan to value.     

Locking Your Rate Or Floating Your Rate

We will negotiate your rate lock with you based on rates/terms available at that time. Locks are for 15, 30, 45, 60 or 90 days. Shorter term locks cost less than longer term locks. You can apply for your loan with a locked rate and adequate lock term to cover your closing date, or apply with your rate floating, not locked if you believe rates will trend down while you are in process, then you could take a short term lock prior to closing. We prefer to lock up front but it is up to you. We will provide a good faith effort to help you win.

Here is a history of 30 year fixed rate mortgages from Freddie Mac from 1986 through to January 2019: