What To Ask To Get The Best Fixed Mortgage Rates In California
You want to get the best fixed mortgage rates when you apply for a loan, don't you? Of course you do! How, you may ask, do I make sure I get the best rates I possibly can?
It's simple, really. You need to know what questions to ask. You see, there are many factors that go into a rate quote. These questions can help you determine how to structure your transaction to make sure you get the best fixed mortgage rate you possibly can.
When you are speaking to a lender, here are the questions you need to ask:
- If I choose to have an impound account, will that lower my rate? Some lenders will offer a discount if you choose to have your taxes and insurance included as part of the monthly payment.
- Is there a better rate offered for a certain credit score? Fixed mortgage rates are often determined by the credit score of the borrower.
- Does the loan-to-value (LTV) percentage have an impact on the rate? You may find a discount to the rate with a substantial amount of equity in the property.
- If I take cash-out on a refinance, will that effect the rate? You will often find that taking cash-out will make the interest rate increase. If your concern is getting the best fixed mortgage rate, you may want to think of another alternative if you need cash.
- At what loan amounts are the rates lower? Lenders usually break up their rates based on certain loan amounts.
- Are there different rates for different types of properties? You may find that the rate for a single family residence may be different than a rate for a condominum.
Some of these questions may have answers that overlap. For example, the rate may be lower if you have a certain credit score and the LTV is lower than a certain percentage.
Get on the phone, call a mortgage lender, and ask these questions! Use the answers to these questions to make sure you get the best fixed mortgage rate you possibly can!
Do you need help making an effective financial decision? Call or text me at (650) 222-0386, or e-mail me.
Opes Advisors is licensed by the CA Department of Business Oversight 4150089, CA Bureau of Real Estate 01458652, Oregon ML -4902, Washington CL-1178435 and NMLS 235584. Equal Opportunity Lender. Opes Advisors is a registered investment advisor with the Securities and Exchange Commission (SEC). ©2014 Opes Advisors, Inc. All rights reserved.