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WHAT ABOUT
THE RATE, THE RATE, THE RATE ?
Everyone is rate conscious.
It is a given. We have never had a client call looking
for a high interest rate. To this end we make a firm
commitment at Valley Mortgage Company to quote rates
accurately as delivered by the lenders. Here's how it
works. Be forewarned: if a rate sounds too good to
be true
then it probably is too good to be true.
Lenders
We
do not control the rates. Rates are delivered to us
daily by the lenders. In a volatile market these rates
can fluctuate daily or even several times each day.
Sometimes the market remains flat and rates barely fluctuate
for weeks. We watch the market closely and work to
anticipate these changes for better or worse, but the process
is speculative. If we could predict the future with absolute
certainty we all would be very rich.
Programs
Rates
vary according to whether a loan program is fixed, variable,
conventional, conforming, non-conforming, single family,
multi-family, mixed use, A-credit or hard money.
Knowing what you buy and what program or product fits your
needs allows us to give you responsible and accurate
information about a rate.
Points
Typically,
we quote to you rates based on no points - a zero point loan.
You always have the option to pay points to buy down the rate,
but you should not assume that you will realize savings over
time with a lower rate simply by paying points.
Locking
When
to lock your rate is your call. We will not lock your
rate without your permission and participation. During
the mortgage process we will keep you apprised of rate
changes, current trends, and predictors impacting the market.
However, when you lock, we will insist that you lock for a
period that corresponds with your closing date. For
example, you should not utilize a short lock period of ten or
fifteen days when you do not anticipate closing for another
month. If your lock expires the lender generally will
re-price your loan on the day of the lock expiration.
Sometimes can we secure a rate extension for which the lender
will charge a fee.
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