Mortgage rates – like home prices – vary with a number of factors. This industry is changing daily, and the impact on the housing and financial markets is unparalleled.
For a base rate, try a site like bankrate.com. This site allows you to put in your zip code to determine what rates are like in your area. Pay attention to fees and discount points to be sure you get the whole picture.
Traditionally, if you were approved for a mortgage, the rates you see on such a site would be very close to what you actually paid.
This is NOT a traditional real estate or mortgage market!
Today, the rates you see on sites like bankrate.com are base rates – and they assume near perfect credit, significant cash down, salaried income, and no credit issues – ever.
Financial institutions now charge – typically in interest rate additions – for any factor they consider less than optimal. So – you can pay less than 20% down (I have a lender who will go as low as 3% conventional), but it may cost you 0.25% more in interest (as an example). The same goes for credit tier – they may approve you at 640, but it will cost you in interest rate.
The additions for various factors are countless, and they are unique to the mortgage product, the financial institution, and the insurance products involved in a transaction.
Talk to your real estate professional for a referral to a mortgage professional who can help you gain clarity for your specific situation in this market.
