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Shopping for the Lowest Advertised
Rates
It's natural to be attracted to low advertised interest rates when
you are shopping for a mortgage. After all, the interest rate affects
the monthly mortgage payment as well as the total interest over
the life of the mortgage. But, be careful about choosing a mortgage
lender based ONLY on their advertised interest rates. Few people
actually qualify for the lowest advertised rates. Also, fees may
be "hidden" in other areas that negate the value of the low interest
rate. Rates that look too good to be true - might be just that.
Accurate Rates You Can Count On
Mortgage Master Service Corporation does not advertise mortgage
interest rates for two key reasons. One, interest rates change from
moment to moment. A rate that was accurate when it was printed may
be outdated an hour later. Second, several factors effect the rate
you qualify for.
By talking with an experienced mortgage professional
you can find out the best rate you qualify for. Our loan professionals
have access to every loan program available, usually with lower
fees than other mortgage companies.
Seven Factors Affect the Interest Rate You
Qualify For
These are some of the factors that influence the interest rate borrowers
qualify for.
- Mortgage Interest Rates. Mortgage interest rates fluctuate minute to minute, dictated by the trading of mortgage backed securities (not the Federal Reserve rates, as many people think). Learn more.
- Your credit score. The better your score the lower the interest rate you'll qualify for.
- Fixed or variable paycheck. Self-employed and those whose paycheck can vary greatly due to commissions or bonus' do not always qualify for the lowest rates.
- Your loan amount. Interest rates on "jumbo" loans (over $417,000) are higher than for "conventional" loans.
- The term of your loan. The shorter the term the lower the interest rate.
- Special programs you may qualify for. There are special programs for people who have been in the military, first time home buyers and others.
- Loan to value ratio. The loan to value ratio (LTV) is the loan amount expressed as a percent of either the purchase price or the appraised value of the property. If you put $15,000 down on a $300,000 home the LTV is 5%. A larger down payment may reduce your interest rate.
Use this convenient form to contact a mortgage
professional today to find out the best rate you qualify for. Required
fields in red. You'll receive response within 24 hours on business
days.
Call a mortage professional today to find the best
rate you qualify for, 253-859-5300.
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Mortgage Master Service Corporation
24909 104th Ave SE, Suite 100
Kent, WA 98030
Phone: 253-859-5300 Toll Free: 800-583-7200
Fax: 206-382-9612 (Seattle line)
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