• Toni F. Ryan

Understanding Advertised Mortgage Rates in California



Advertisements for home loan offerings are everywhere. Online, on TV, driving down the street, or listening to the radio, mortgage loans are probably the most common advertisement.

Lowest Rates Offered...are Lures

Banks and mortgage companies promise that they will do whatever they can to offer homeowners the lowest mortgage payment. It is important to understand the rate market and that it is constantly changing   daily and often hourly.  When you see an ad from a bank or mortgage lender that offers a lower rate, or gives you one solid payment figure based on a certain loan amount, you should be skeptical. In fact, most banks and lenders usually offer rates to just bring you in the door, though you may never actually be offered the advertised rate.

Many Factors Influence Rates

A mortgage program and it's subsequent payment is so complex that it is difficult to actually advertise one fixed mortgage rate or payment specific to a borrower without thoroughly interviewing the borrower. There are too many factors that will influence a homeowner's interest rate. The advertisements are examples based upon the highest credit score, low loan amounts, the home, etc.

Education Pays Off

So what do you do?  Do your homework.  Ask family friends and co-workers who they used when they last refinanced or purchased a home.  Make calls and interview the loan officer to see if they listen to your needs and have your best interest in mind.  Do not let your credit be pulled but instead ask for the rates based upon a 680 credit score and a 740 score, loan amount versus value of your home and whether you are wanting cash out from the equity of your home.  These factors will allow you to compare options equally. Also ask for the lowest rate program and the lowest fee program based upon the above factors. The lowest rate may not be in your best interest so it is important to know all the facts.  A little time now can save you a lot of money and frustration later.

Have I missed out?

Rates are still low and equity in existing homes is rising so the time to evaluate your current mortgage or purchase a home is still great.  Connect with a lending professional who can guide you through the choices, educate you on the rate market trends and listen to your needs.  Your mortgage loan is a critical component in your financial picture so partner with a professional you can trust.


ABOUT THE AUTHOR


Toni F. Ryan | NMLS#230507

Senior Loan Officer | Synergy One Lending


Toni F. Ryan has over 20 years experience in mortgage lending - both on the wholesale and retail levels. She believes that education is key to making the best decision for YOU! She shares her insight into the lending world here and encourages your feedback. Don't forget to connect on Facebook!

The information contained herein is for informational purposes and should not be construed as personal advice. Please consult your mortgage professional BEFORE making any changes to your financial profile. No guarantees or promises are expressed and by visiting this site, you agree to not hold Toni F. Ryan or Synergy One Lending responsible for any decisions you make based on the information stated. All of the content here is the sole property of ToniRyan.com and cannot be duplicated without express written consent. If you choose to reference this material - please include a link to the source and state the authorship clearly.Synergy One Lending is licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act, Synergy One Lending Inc. NMLS 1025894. 3131 Camino Del Rio N 190, San Diego, CA 92108

© 2020 by Toni F. Ryan - NMLS#230507

Direct/Text (530) 305-7668  |  tryan@S1L.com

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(530) 305-7668

Synergy One Lending Inc., NMLS 1025894. 3131 Camino Del Rio N 190, San Diego, CA 92108. Alabama Consumer Credit License #22123; Arizona Mortgage Banker License 0926603; Arkansas Combination Mortgage Banker/Broker/Servicer License 109250; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act – California License 4131356; District of Columbia Mortgage Dual Authority License MLB1025894; Hawaii Mortgage Loan Originator Company License #HI-1025894; Illinois Residential Mortgage Licensee #MB.6761115; Maine Supervised Lender License 1025894; Maryland Commissioner of Financial Regulation - Mortgage Lender License 21678; Minnesota Residential Mortgage Originator Exemption #MN-OX-1025894; Nevada Mortgage Broker License #4317. Licensed by the New Hampshire Banking Department 19926-MB; Licensed by the New Jersey Banking and Insurance Department – New Jersey Residential Mortgage Lender License 1025894; New Mexico Mortgage Loan Company License 1025894; Oregon Mortgage Lending License ML- 5208; Rhode Island Lender License #20163229LL. Rhode Island Loan Broker License #20163230LB; Vermont Lender License 6891. Washington Consumer Loan Company License CL-1025894. Toll Free #: (877) 978-1922. Subject to Credit Approval. www.nmlsconsumeraccess.org

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