Ever browsed online for mortgage rates and felt a tad confused? You see enticing numbers and national averages, but the quote you receive from from your lender seems different. This can leave you wondering, “What’s the real story?”

The truth is, those online rates are like movie trailers – attention-grabbing, but not the whole picture. Here at Priority Home Mortgage, we believe in transparency and getting you the best possible rate for your unique situation. Let’s dive into why online rates might differ from your personalized quote:

Not All Rates Are Created Equal: Understanding Your Quote

There are many factors that determine an accurate rate quote for any mortgage transaction, including:

  1. Loan Amount
  2. Occupancy Type (Primary, Secondary, Investment)
  3. Loan Type (Conventional, FHA, VA, USDA)
  4. Credit Scores
  5. Loan Term (15-year, 30-year, etc.)
  6. Debt-to-Income Ratio
  7. Purchase or Refinance
  8. Available Liquid Assets
  9. Refinance (Rate & Term or Cash Out)
  10. Employment Status
  11. Loan-to-Value Ratio (LTV)
  12. Co-Borrowers or Co-Signors
  13. Combined Loan-to-Value Ratio
  14. Rate Lock Term
  15. Property Location
  16. Mortgage Insurance (Required or Not)
  17. Property Type (Single-Family, Condo, Townhome)
  18. Escrow Account (Included or Not)
  19. Property Condition
  20. Automated vs. Manual Underwriting

If all these factors haven’t been considered, you simply don’t have an accurate quote!

Understanding “Average Rates” Online

You might also see online posts about “average rates.” Here’s a key point to remember:

  • Rate Index Methodology: These averages are based on a specific methodology that might not reflect your individual circumstances.
  • The focus is often on tracking rate changes, not necessarily providing an accurate quote for you.

Getting the Right Rate for You: Personalized Approach at Priority Home Mortgage

At Priority Home Mortgage, we take a different approach. Our experienced mortgage specialists consider all the factors mentioned above to provide you with a personalized quote tailored to your unique financial situation. This ensures you get a realistic picture of your actual interest rate and potential monthly payments.

Ready to Ditch the Online Guesswork? Get a Personalized Quote Today!

Contact Priority Home Mortgage today! Our dedicated loan officers are here to answer your questions, guide you through the mortgage process, and help you secure the best possible rate for your dream home.

Let’s turn your dream of homeownership into reality – together!

Posted in blog, Mortgage