Get a Custom Interest Rate Quote
The interest rates on mortgages are NOT one size fits all. You can compare rates online and “shop for the best rate,” but the rates displayed on websites aren’t always representative of the interest rate that would be available to YOU.
In fact, the best way to get an interest rate quote, is to speak with a mortgage consultant about your mortgage goals and financial outlook.
These are a few questions that will help you better understand mortgage interest rates:
What financial factors impact your interest rate?
Your Lender
Each bank or mortgage lender will have different rates, and the range from lender-to-lender can be as much as an half-point. At TexasLending.com we focus on efficiency so that we are able to offer our customers some of the lowest interest rates available.
Your Personal Financial Outlook
Your financial history and stability also impact the interest rate that is available to you. The three main factors are:
- LTV – Loan-to-value, is the value of your home compared to the loan amount
- DTI – Debt-to-income, is your monthly debt obligations compared to your gross monthly income
- FICO – Your credit score, a 740 FICO score or higher will help you access the best rate.
Which mortgage options have the best rates?
The type of mortgage you qualify for plays a role in determining your interest rate options too. Mortgages that are considered to be a lower risk investment come with a lower interest rate. The type and terms in your mortgage impact the interest rates available to you.
Mortgage Type
There are different mortgage programs available. Most mortgage programs fall into one of three categories; conventional, government backed, and non-conforming mortgages. Conventional mortgages and government backed mortgages offer lower rates than the non-conforming mortgage programs.
Mortgage Terms
The term of your mortgage also plays a role in determining your interest rate. Generally, a 15-year mortgage has a lower interest rate than a 30-year term. The shorter amount of time set to pay back the loan, the lower the interest rate can be.
How do I get a custom interest rate quote?
The best way to get an interest rate quote for your mortgage is to speak with a licensed mortgage consultant. Discuss your goals for refinancing or purchasing a home. They will be your expert guide in choosing the best mortgage option for your needs
Once you have talked with a mortgage consultant and submit an application, they can send you a loan estimate. The initial loan estimate will include a custom rate quote which shows the rates that are available to you.
How do I lock in my interest rate?
When you are you ready to lock in your interest rate, you will need to complete an application and give verbal or written communication to your mortgage consultant that you are ready to lock. Every lock has a term that is guaranteed. The most common term is 35-days.
We would love to be the mortgage experts on your team. Reach out to us to get a custom interest rate quote and learn more about your mortgage options.
When you are ready to purchase a home or refinance your current mortgage, we are here to help.
