Mortgage Blog
Everything About Posted Rates and actual rates
June 27, 2024 | Posted by: Sarabjit Dhuna
Are you thinking to buy new home or looking for renewal? Looking at mortgage rates might be confusing. Whenever you see great rates then you want to get that rate. Lower rates can help you to save you lots of money.
Lower rates and competitive rates are everywhere on advertisement. However, all rates you see online from broker or lender are not same quality.
In this article, I mentioned about low rates, posted rates and actual rate that you might get.
Whenever you see low rate on advertised then you need to consider that it is range not singular number. You can get higher rates because of universal factors can impact the actual rate. You may notice that low rate often starts with ‘from’ which indicates low-rate range.
There are lots of factors that depend on getting advertised rates
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Your income, credit score, your debt, home equity if you have
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Your remaining balance of mortgage, home purchased price and if you need insured or uninsured mortgage.
Not all low rates that you see on advertised means same thing for your actual rate.
Rate-comparing sites
Most of rate-comparing sites shows lenders rate might not be actual rates that lenders offer.
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Go to the lender’s website and compare that rate to rate comparing sites rate. Most of rate comparing websites post rates only to catch customers attention.
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Most of rate-comparing sites offers low rates only for lead generations and then they will charge money to lender when customers fill out the form.
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When you get connected to broker or lender then you will come to know that rate is not real. It is not because of your income, credit etc.
Big banks
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Most of the banks advertised as special rates or promotional rates
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Big banks posted rates are high. When you try to negotiate with them after they offered you first rate. Bank much likely not budge from what they offered.
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Bank often discourage you to break mortgage terms. They charged you hefty fines if you try to break the term
At Centum United, we believe in transparency. We will try to give clients best rate possible. If you have any questions then contact Sarabjit or visit our website Centum United Mortgage
