Mar 27 2009
Finding Mortgage Rates Online
It seems like everyday I speak to someone that says “I was looking online and I see interest rates are at X.XX percent. I want to refinance my mortgage.” I’m always amazed by people that look at rates and payments online and assume that those rates apply to them. Typically, the rates listed on the internet are the best available. They assume that you have good credit, have equity in your home and there is nothing out of the ordinary with your situation. MOST websites make a statement to that effect, but some don’t. Take Rochester Mortgage Rates for example:
According to the site with zero points you can expect to receive a 30-year fixed rate mortgage at 5.0%. OK, great. Sign me up you say.
Now, read a little further down. It says “All Rochester Mortgage Rates assume qualifying credit and meeting underwriting quidelines.”
Usually, if you have good credit, low debt-to-income ratio and a decent amount of equity in your home you should assume that you will have “qualifying credit and meet underwriting standards.” If you are different than that you should expect different than want is posted.
Websites are great for getting an “idea” of what your interest rates will be, but to get an exact figure you must have your entire situation analyzed.
