Mortgage Rates change on a daily basis and can vary depending on your unique situation. Simply use the quick form below to receive options for available rates and loan programs.
Fixed Rates are guaranteed for the life of your loan. If you start out at 4.75% you stay there the life of your loan. Variable Rates fluctuate with market conditions after a fixed period, usually 3,5, 7 or 10 years. A 5/2/3 is fixed for 5 years, can change by no more than 2 points in one year and cannot exceed 3 points above (or below) starting rate ever. While most people opt for fixed rate, there are some scenarios where a variable rate benefits the buyer. Ask for a comparative analysis.
“How do I get the lowest rate?” Interest rates have a range of about 2 whole points, meaning if the lowest rate available today is 3.75% the highest rate available today may be 5.625%. To get the lowest rate you buy-down by paying points.
“Why would I want a higher rate?” The highest rate will have points the lender pays you to help you with closing costs. The lowest rate will have points that need to be paid in order to get that rate. Think of your interest rate as a tool to help you buy your home without depleting all your savings. We will provide rate and points options so you make the best decision.