Be careful when shopping online/published mortgage rates, they are not always real rates. They are trying to get the phone to ring!

Online/published mortgage shopping gives you the opportunity to search interest rates on your own time, while comparing quotes from many companies without the pressure of commitment and stress.

Keep in mind, it is well known that most of these online mortgage rates are not real rates a bank can stand behind.

The main reason; online/published calculations are designed to take into account general information, without any considerations to specific individual situations. When you deal with a live person, there is a large amount of one’s personal detailed financial situation that is taken into consideration before giving you a real rate. Personal credit history, credit score, debt to income earnings ratios, property type, loan amount, and other factors such as loan to value ratios are all taken into account. No online software can review all these different factors to come up with an accurate quote.

Online/published mortgage rates are usually not accurate as interest rates change daily and sometimes change multiple times through out the day. So depending on how quick they update their system or when they published the rate, the final loan rate is going to depend heavily on the latest interest rates. If it takes a week or even days for something to go to press it is already going to be outdated as rates would have changed.

Most of the websites just use average rates across the country. This average may be very different from the actual rate for the area you live in.

Rates are important, but service level is just as important. You want to make sure you are using a reputable company. We only work with companies that have proven themselves to us over many years. If you need a referral, just ask! We’d be happy to share.