FHA Loan

One of the most confusing things for a home buyer in Temecula, Murrieta or Menifee is trying to understand ‘What Rate Do I Qualify For?’  When asked, I tell people, “You don’t qualify for a mortgage rate, you choose the interest rate you want.”

This isn’t auto financing where some used car salesman is trying to ‘sell’ you on a specific interest rate or car to their benefit.

Transparent Fact: No matter what interest rate you choose, I cannot benefit financially in any way…..higher or lower.  My company pays me the same either way.  I literally have no vested financial interest to try railroading you into a higher interest rate in order to make more money.  That is why I actually show you the rate sheet:-)

My role is to educate you on your mortgage rate options and when to lock in the lowest rate possible.  Learn more about Temecula/Murrieta Mortgage Rates.

Home buyers and home owners in Temecula, Murrieta, and Menifee have always had the option to choose the rate they want but most lenders never give borrowers that option.

Why is that? Because most slick salespeople Loan Officers are trained to be very vague when you ask what rate they qualify for.  They want to sell you on a higher rate…….they want to make more money from your transaction, and I seriously doubt they would be willing to show you their rate sheet.

At the end of the day, it all boils down to what rate you need or what you want to pay to get a particular mortgage rate.  If you need help paying closing costs, you can choose a slightly higher interest rate and the bank will give you a credit that can be used to pay closing fees.  If you want a lower rate in order to receive a lower payment, you can literally ‘buy’ yourself a lower rate.  This may be a good option if a seller is paying your closing & settlement costs.

For Example – on a $200,000 loan amount: Lets say a rate of 4.375% gives $0 credit back to you, but it doesn’t ”cost’ anything either.  This is called a PAR rate.  If you choose a rate of 4.625%, it may give you a lender credit back of 1% = $2,000 to be used to pay closing & settlement costs.  The higher the rate you choose, the larger the credit.  You could also choose a rate of 4.25%, at a cost of .5% = $1,000.  This is called a Discount Fee or Point, and would increase your total closing costs.

If you are speaking to a Temecula/Murrieta Mortgage Lender/Loan Officer about mortgage rates, and they don’t offer you multiple rate options and show you the cost or credit for the different rates available, then you may be speaking to the wrong person.

Or, if they don’t show you the actual rate sheet, so you can see for yourself what the credit or cost is for a specific rate, then you may be speaking with the wrong person.  If you want to see our banks rate sheet, just ask.

You want TRANSPARENCY from your mortgage lender, right?  Don’t just accept what they tell you…..make them prove it by showing you today’s rate sheet. (then compare it to mine)

If you want an advantage over other competing buyers when making an offer on a home, call me (951) 215-6119.  I’ll show you how.

Time is running out in New Jersey and across the Country to take advantage of the Low Rates still available for Super Conforming Loans.

Over the last few years, the government has funded mortgages as large as $729,750 in high-cost areas throughout the country. Those loan limits were temporarily increased because the economy was struggling and many lenders would have refused to make those loans without the government covering the risk of default.

But now those loan limits are due to expire in just a few short months, on September 30, 2011.

So, why is this a big deal?

Mortgage rates are typically much lower when they are supplied through Fannie Mae and Freddie Mac. When these loans are no longer allowed under Fannie Mae and Freddie Mac, the loans will be considered non conforming (Jumbo) loans, and these usually have a much higher rate because they will be backed by private investors and not Fannie Mae or Freddie Mac.

The bottom line is this: If you are looking to finance a large loan through the government, you need to act quickly before those loan limits are reduced. Get in now or you could be paying higher rates.

Give me a call 732-241-4015 or email me …… jsantoro@carnegiemtg.com if you would like more information. I’m happy to answer any questions you have and do what I can to help you secure the home of your dreams.