There are Many Things Effect YOUR Interest Rate: What to consider when shopping for your Mortgage
By Robert Rauf
(HomeBridge Financial Services (NJ))
There is not just One Interest rate! Our Borrowers have a difficult time understanding that there is not just 1 interest rate published for public consumption, and often think lenders are being greedy. As a potential Borrower you may be quoted Vastly different Rate quotes as you shop. If you Call a lender and ask "What is Your Rate?" and they give you an answer with out asking you a few questions... It is more than likely you are being given the WRONG rate. Most cases the rate will be too low, but in some cases it could be too high. It may be innocent, it may be bait and switch.... either way you may not be happy when you get to closing and find things are different than you had hoped. Here is the short list of what we have to look at in order to price a Loan for one of our borrowers,...