Does the home loan interest rate vary between online quotes and the real ones ?

- I am planning to buy a home - i have put an offer on a house and almost a hundred percent done deal Now I have to look out for a home loan. I am looking at several online interest rate quotes what lenders are giving based on my facts. Some of them are sending quotes for 4. 78% 4. 5%, now does these rates change when we actually sign there application or do they have to stick with the rates what they have quoted me online ?

Responses:

It will depend on your credit rating, those quotes are for people with good credit over 750
The rates will vary right up until the time you lock in. The rates online are not considered legally binding offers, just an indication as to what the rates were at the point in time the page was updated
John Paul, First, I hope you contacted a good, reputable loan office BEFORE putting an offer on a home. And I hope you are getting good professional guidance through the process. The home buying process can be a thorny one if not handled properly. and the same is true of the home loan process. There is no question that there are some great deals out there. and some great rates. But you have to think of the online deals as "big tent" offerings. while they may well apply to your particular circumstance. they also very well may not. Every lender, online or off, has their pool of offerings. some broader than others. Each has certain criteria that must be followed in securing that loan. And not every loan is available for every borrower. Are you self employed? Do you have a regular salary? Do you get hourly pay? How long have you been working for your current employer? What other fixed debts do you have? Do you pay child support or allimony? Do you have any positive or negative offsetting factors? What are your credit scores? These things, and many other factors, impact what type of loans you may qualify for. and what types may not be available to you at all. I have never been a fan of "shopping rates" for the simple reason that they do not tell the whole story. I remember a buyer of one of my listings "got a great deal" from a particular lender which he happened to find online. Problem was when he got to closing NOTHING in the loan package bore any resemblance to the loan he THOUGHT he was getting! He thought it was a fixed rate loan. it was not. The rate he'd been quoted was not the rate he actually got. He'd never heard of "negative amortization", and his loan had it. He never gave any thought to a "prepayment penalty". his loan had that, too! With a lot of work we were able to get the prepayment penalty waived this is a BIGGIE because the penalty was over $7, 000 in the event he sold his home or refinanced within the FIRST 3 YEARS of the loan! Even though the terms were horrible, he DID close on his purchase. and went right out and immediately refinanced his new home! My point is that WHAT YOU do not KNOW can cost you big time. This is not something to "wing it" with. Talk to friends & coworkers & family who have dealt with reliable lenders in the past and ask for recommendations. Most certainly if you are working with a real estate agent, ask them for recommendations as well. We deal with lenders all the time and if the agent is experienced, they have an ortment of lenders they know are professional, reliable, ethical people. and they also know who to avoid! Talk to a few recommended lenders. have them prequalify / preapprove you, making recommendations on programs they think your financial profile best fits. As long as the rates they offer are "in line" with with the market in general, I would not worry about getting the best "deal". When you're looking at just raw numbers, you do not know what is being "cut" to get to that number. Quite often it's reliability and / or service. By the way, my preference is to ALWAYS deal with a lender who will shephard you through the process from application to closing on your purchase. As the process moves along, you want to have a real live person you can call to answer questions, follow up to be sure all the proper steps are being taken, and to hold accountable if / when they're not. Good luck! I know this is an exciting time and I hope all goes well for you!

Tags: profile, good, resemblance, criteria, great

Follow this dicussion..

Related Images:

Knowledge Base

Can we get a home mortgage loan with poor credit?

my soon to be husband and i are renting a home in our area and paying $1100. 00 a month in rent. this is quite a bit for the area that we live in we are wanting to buy a home and feel that we have sufficient income around $90, (home equity loans)

How do home loans work when you have a home loan and want to sell your house and get a new home?

say, you have a home that you still owe $ on. you want to sell this house and buy a new one. would you take the money you get for selling your current home and put that toward paying off your current home. being left with only the mortgage payments (home loan rate)

Can I refinance my home loan if the the value of the home has gone down over the last year?

i want to refinance my home loan to get a better rate. i purchased the home 1 year ago and currently have a 30 year fixed at 7. 0%. i bought the house for 475, 000 an currenty owe 423, 000. i worried that the home prices have droped so (home loan refinance)

Related Images:

Knowledge Base: Home Loans

Will a new job affect your posibilites of getting a new home loan?

my boyfriend wants to buy a home for us and he just got a new job offer with better pay and benefits. he has been at his previous job for 8 years and will probably be accepting this new offer very soon. will this affect his possibilities of getting or (home loans)

How do I get a new home loan while I still have a current mortgage?

i am trying to get a loan on a new property, but i still have a small mortgage on my current home. i do not want to lose out on the new house, but with some past credit issues 6 & 7 years ago issues, i cannot find someone to (home loan rate)

What is the average percentage rate for a new home loan in Arizona?

what is the average percentage rate for a new home loan in arizona?. 30 year, full amortized loan, less than $417, 000, at least 3% down, fha, with verified income and reasonable credit, should be around 5% to 5. 5% at most. the 5% figure will cost you a point, (home loans)

It is a buyer's market - I understand that. Home equity loans, how do they work?

if i purchase a home for $300, 000, but it is appraised for $350, 000, will i have automatic built - in equity that i can use to consolidate $12, 000 in school loans and credit card debt? or, will i still have to pay down some of the p&i (new home loans)

What would happen to your home mortgage loan in this case?

say if me and a co - buyer buy a home together both first - time home buyers, and get a conventional loan from a bank. if later, one of us wants to take our name down the le, would that be allowed? would the bank re - acess the (home loan refinance)

Related Images:

Knowledge Base: Home Loan Rate

What kind of home loan interest rate could I get with a bankruptcy on my record?

i have a chapter 7 bankruptcy on my record from 2003, but i have no debt and a credit score of about 700. and i have $20, 000 for a down payment. if i got a home loan, would the bankruptcy make a huge difference in the interest rate? how (home loan rate)

I have heard about Variable rate home loans. But why do people choose that loan over a fixed rate loan?

could there be a baloon payment with that type of home loan?. because they often start out less than fixed rate and it's a somewhat tricky way to fool people into taking a bigger loan than they can afford. there could be a balloon, but not necessarily. that's just another (home loan rate)

What is the best way to get home loan rate quotes?

who is the best to get a home loan from? i am in oklahoma. start looking around, i think country wide is at the top of the list. find a lender in your area and get qualified to buy. i would float into a rate right now. local lender so (home loan rate)

Does the home loan interest rate vary between online quotes and the real ones ?

- i am planning to buy a home - i have put an offer on a house and almost a hundred percent done deal now i have to look out for a home loan. i am looking at several online interest rate quotes what lenders are giving based on my (home loan rate)

How will the decrease in home loan interest rate help the realty sector?

everyone is talking about the cut in the interest rates for home loans. will actually the cut gonna help in reviving the realty sector?is it a good time to buy a property rite now or should wait for some more time?. it will facilitate o secure housing loans for more (home loan rate)