Foster Weeks | NMLS 253370

Comparing Rates

What you need to know about evaluating interest rates.

Everyone naturally wants to get a "great rate."  After all, who doesn't like to save money?  But not all loans are based on the same qualification standards.  In order to compare apples to apples, you'll need to be mindful of what it takes to qualify for the rate;

  • Loan-To-Value (LTV) Combined Loan-to-Value
  • Loan amount maximum
  • Type of loan
  • Term
  • Prepay penalty
  • Debt-to-income maximum
  • Credit score requirement

Is the “lowest rate” really the "lowest rate?"

In this fast paced world of sound bites and quick fixes, it's easy to get lured by the sounds of a "lowest rate" offer, but with a little bit of digging you soon may find that you need to have 30% equity, an 800 FICO score and pay 2 1/2 points to get that "lowest rate." And after a little reflecting, you may realize that you may not qualify for this deal or it just isn't for you.

We strive to get the right rate and loan program - for you.  Based on your goals, needs and financial profile. Remember you're in this for the long haul.

Our approach; thinking big picture.

Each and every loan is different. Even if you bought a home 5 years ago, your financial profile, your home's equity and current lender guideines are almost assured to be different now.  So, we appraoch each scenario as it's own unique event, and seek to provide you with the best options based on where you are in life at this point in time.

This may include considerations such as how long you intend to stay in the home, upcoming changes to your financial profile (e.g. sending a child off to college, taking an extended period leave from work, retirment, etc.) so that your loan product is in allignment with your current life's path.

If you can sleep well at night, you've got a "great loan."

Ultimately, the true test for a great loan is one that you feel comfortable with, not overreaching in order to achive a rate that you can brag about, but something that meets your needs and is in synch with your financial profile and goals.

If you'd like to share your unique needs, call at 1-415-345-4375 or email me and I'll be glad to help you work through this and provide options.