When looking on line for a mortgage, there are a lot of factors that are used to determine interest rates.  I have seen a spread of 1.5% of advertise interest rates for a 30 year fixed.  With todays rate around 6%, I have seen advertised rates of 4.5% to 6.25%.  I even heard on the radio ".25% interest for 5years.... on a $500,000 loan that would make your payment around $104 per month."  This is another case a bait and switch, deceptive advertising and a loan officer advertising a product he has no clue about.  Each person has a different financial scenario.  These are just some of the adjustments when calculating rates that we as professional loan officers have to consider when quoting an accurate rate:

• Interest Only
• Cash out
• Was the 2nd mortgage thats being paid off from the purchase of the house or take out after?
• Owner Occupied, Second Home, or Investment Property
• Are we doing a 1st and 2nd mortgage, if so, to what Combined Loan To Value(CLTV)
• 1, 2, 3, 4 unit property?
• Can we verify income
• Can we verify assets, for any amount that is used for Earnest Money and money for closing
• Do you have reserves, extra savings in case you come into a financial problem
• How many months of reserves to you have?
• Are you recently self employed?
• Can you show and verify a previous 12 months rent or mortgage history

There are several more factors to consider in a persons purchase or refinance other than "the rate" and comparing to the internet guy from out of state and shows a rate of 5.5%.  If all of these questions and more are not asked during your discussion with another lender then you may want to see us for an accurate quote and no surprises when going to the closing table.  Please fill out your information below.  I am confident you will be please working with us and will refer your friends and family too.