Memphis Home Loan Rates

In today’s real estate market, when you find advertised loan rates on the Internet or any advertised home loan rate, they may not be specific to YOUR loan. Unlike years past, your rate will be specific to your situation. Lenders haven't always relied on your situation to determine your rate because it was always assumed that home values continue to go up in value. Well, of course that has changed, which is why we also now see changes in the way rates are figured. There are more defaults/foreclosures on loans around the country and investors are now looking at every angle to get a little higher return on their money to offset this risk.
In today’s marketplace, the lender will need to know your credit score, loan amount/loan to value, down payment amount, property type (primary, investment property, second home), income verification, debt ratio, employment verification, and more just to give you a proper rate quote. If anyone gives you a quote and has not had an in-depth conversation with you about your situation and your needs, most likely it will be inaccurate. Even if your current credit scores reflect some minimal flaws in your record, you might have a slightly higher rate because of it. Make sure you are dealing with a reputable lender and ask someone you know and trust to refer you to someone who they know to be an ethical loan originator. You need a mortgage advisor who understands the process and can see your loan through to closing with no surprises.If you follow this process and then get a rate that you like…lock it in!! There have been up to 4 rate changes per day and new rates come out every morning. Most lenders will do this for you with a verbal commitment. The markets are as volatile as ever, so take out the risk of higher payments and lock it in! Today’s rates are still some of the best in recent history.