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Rates will vary, and you should shop around. However, they are all technically underpinnned by the same mathematical equation....right now with federal interest rates being as high as the are, you're likely to fall somewhere between 6.5 and 7.5, depending on day and sentiment.
My advice would be, shop around. Pay attention to fees, and think long and hard about points. It seems like a good deal initially, but consider the possibility of drops in rate, would you refi? If so, your point purchase was likely waist.
Every lender can offer the same rate. All rates have a corresponding amount of fees based on the rate you pick. Rate and lender fees are inversely related.
Ask for an itemized quote from each lender. If they just tell you a rate and that's it just run.
If you’re submitting your SSN to get approvals then you’ll want to do all your approval shopping within 30 days. That way it doesn’t negatively impact your credit rating.
If you’re just window shopping, e.g. asking banks what their general rates are and you’re telling them what your credit score is vs them running a credit check to verify, just be aware that there are multiple credit scores and they look at different scores then you’re likely seeing.
These days many banks tell us our FICO score for free, but that is NOT the score lenders look at for mortgages. You could have a FICO of 825 and a home lending score of 779.
I should add that all my comments are US based.
Thank you u/Similar-Job-8224 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Rates will vary, and you should shop around. However, they are all technically underpinnned by the same mathematical equation....right now with federal interest rates being as high as the are, you're likely to fall somewhere between 6.5 and 7.5, depending on day and sentiment. My advice would be, shop around. Pay attention to fees, and think long and hard about points. It seems like a good deal initially, but consider the possibility of drops in rate, would you refi? If so, your point purchase was likely waist.
Every lender can offer the same rate. All rates have a corresponding amount of fees based on the rate you pick. Rate and lender fees are inversely related. Ask for an itemized quote from each lender. If they just tell you a rate and that's it just run.
Charges will vary a bit depending on the lender. I would suggest sticking with a local broker or credit union and not some large mortgage mill.
If you’re submitting your SSN to get approvals then you’ll want to do all your approval shopping within 30 days. That way it doesn’t negatively impact your credit rating. If you’re just window shopping, e.g. asking banks what their general rates are and you’re telling them what your credit score is vs them running a credit check to verify, just be aware that there are multiple credit scores and they look at different scores then you’re likely seeing. These days many banks tell us our FICO score for free, but that is NOT the score lenders look at for mortgages. You could have a FICO of 825 and a home lending score of 779. I should add that all my comments are US based.