What’s the Rate? What’s the Rate?

We often receive calls and questions like, “What’s your Rate for a 30-year Fixed Rate Mortgage?” or “What’s your rate on a 5-year Adjustable Rate Mortgage”?

While it’s customary for potential home buyers and for people looking to refinance to focus their attention on the lowest rate, the fact is one person’s lowest rate isn’t another’s.

The reason is when homeowners are looking for a loan, they don’t realize how they personally influence what their best rate will be.

Criteria such as loan amount, FICO score, property type and loan to value (LTV) have a definite impact on interest rates as well as when a borrower is looking to close. Keep in mind income and assets play a role in qualifying, but not necessarily in interest rate.

I’m proud of the way the Silver Fin Capital team works with homeowners looking for a mortgage. They know how important the lowest rate is and will search through our 60 lenders to help homeowners get the best rate and the best loan for them.

Rates change daily. No one knows exactly which way rates will fluctuate. I also appreciate how our Loan Officers keep the lines of communication with homeowners open — encouraging borrowers to ask as many questions as necessary so they fully understand the process and their options.

When our Loan Officer feels he or she has helped locate the best loan and lowest rate given a borrower’s specific situation, they’ll hear an opinion backed by years of experience that goes like this: “Now would be an excellent time to lock your rate.”