Mortgage interest rate trackers are becoming more commonplace on the web. You're likely to see them when you pull up a home search on a national real estate portal or if you do a web search of mortgage interest rates. One of the first questions homebuyers ask is what the available interest rate is, so why don't we advertise them on our website? Here's the answer.
Image courtesy of renjith krishnan at FreeDigitalPhotos.net
The simplest reply as to why we don't advertise interest rates is because interest rates vary from borrower to borrower. Factors that go into an offered rate include credit score, loan type, loan-to-value ratios, down payment, property type, etc. Interest rates are not one-size-fits-all products.
Keep in mind that advertised interest rates are sometimes too good to be true. In the fine print of interest rate trackers, you'll often find that seemingly low rate only applies as an introductory rate for a borrower with top-tier credit, a sizable down payment and the shortest loan term.
At Compass, we strive to educate our clients throughout the home buying and financing process, including getting them the best interest rate for their homebuying scenario. If you want to know our current interest rates, contact one of our mortgage bankers. They can give you the best, up-to-date insight on the rates available and how that plays into your mortgage affordability.
For more information about home buying and financing, in general, download our free Mortgage 101 Handbook.