"What is today's rate?"

Without question, the interest rate on your home loan is one of the most important aspects of the mortgage. The interest rate may affect your ability for approval, the amount of your tax deductions and the cost to repay the loan in full.

There really is no such thing as "today's rate". The interest rate that you will be quoted on any one day is based on several factors specific to your mortgage needs. Mortgage interest rates change daily due to the economic fluctuations in the stock and bond markets. A rate quoted today may not be the same a day, week or month later. While it may be higher, it may be lower as well.

Once you have committed to securing a mortgage, you will have to "lock" a rate. By locking a rate, you are guaranteeing that the rate will be applied to your mortgage when you close, regardless of market conditions. Rate locks do have expirations. Typically a rate lock is valid for 7 to 45 days depending on the lender and loan program. It is possible to lock rates for longer periods.

To obtain the most accurate interest rate quote you should be willing to provide some minimal information regarding your needs and situation. Calling and asking for "today's rate" without sharing this information may not provide you with an accurate quote.

The following list of factors does affect mortgage rates:

· Loan Amount
· Loan-To-Value
· Credit Score
· Amount of the Down Payment
· Waiving Escrows
· Cash Received at Close
· Term of the Mortgage
· Lock Period

It is also very important that you confirm the total closing costs and fees when inquiring about an interest rate. The entire mortgage package must be considered. Any lender can provide the lowest rate; but at what cost to you!

It goes without saying that when you ask us for a rate, you are seeking the lowest. We know that! However, we believe it is important for you to consider all aspects of the mortgage, including the rate. To make an accurate comparison the total costs to obtain a rate and the terms of the mortgage must also be considered.

Call us for TODAY'S RATE as it applies to YOUR situation!

(616) 887-9000

108 N. State St. St
Sparta, MI 49345