![]() ![]() This means that banks are unlikely to take a loss. VA loans, for example, are guaranteed by the Department of Veterans Affairs. The home loan program also affects the rate you get. For this reason, rates for investment property are higher. For example, a mortgage secured by a rental or investment home is more likely to go into foreclosure than the same loan for a primary residence. Home loan rates can vary by property type and other risk factors. That’s because every borrower carries an individual risk profile. The same mortgage lender may offer varying interest rate quotes to different applicants - even for the same loan product. Mortgage rates also differ between borrowers. That’s because lenders are competing businesses with individual pricing policies. The same borrower may be offered many different rates by competing lenders, even for exactly the same loan. Mortgage rates differ between home lenders. So, why the differences? Why do mortgage rate surveys show so such different rates? And which can you believe? Why Do Mortgage Rates Vary So Much? However, mortgage rates can vary by as much as 50 basis points (0.50%) between mortgage rate surveys, and rates are rarely in-line with an actual rate quote from an actual mortgage lender. These “mortgage rate surveys” claim they’re providing today’s interest rates. So, when you’re looking for “ballpark mortgage rate”, where do you do turn?Ī great mortgage lender will want your information before giving you a quote, because great lenders know rates depend on factors like loan amounts, property types and credit scores.Īnd, bad lenders - well, nobody wants to work with a bad lender.īecause it’s so hard to get real-time mortgage rate information, lots of sites have popped offering this information. Markets have changed and so do rates - sometimes four or five times per day. ![]() It’s hard to window shop for mortgage rates anymore. Decem5 min read Which Mortgage Rate Surveys Are Best? ![]()
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