Busted: The Interest Rate is the Most Important Thing
Many buyers think this is the most important question when taking to lenders: What is the interest rate for my mortgage?
It is time to bust another common myth about buying a home. I want you to know why I feel the interest rate question isn’t nearly as important as most buyers think it is. There is a far more critical question to ask your lender first!
What is the right type of loan program for me?
It is FAR more important to start with this question.Â
How do we determine the best mortgage program for you? We start by talking with you about your goals and reviewing your application.
How much down payment do you want to put down?
What is your credit rating?
Do you want to use and are you eligible for any Down Payment Assistance programs?
How long do you want to stay in the property?
How much do you want to pay on a monthly basis?
Once we learn your answers, we can determine your mortgage loan options. As you can see these questions will be different for every buyer. This is why a website listing the current interest rate isn’t very helpful. It doesn’t know your answers and goals, nor the details of your application. You want to be the mortgage program that fits your situation, not John and Jane Doe’s down the street.
Once we determine the best option for you, we will provide you with a worksheet covering in detail all aspects of your potential loan, including interest rate (which you will find to be extremely competitive!). You are then able to buy with confidence, knowing you are in the best situation for YOU.
Please contact me by phone, 301-674-3975 or start your application online.
