Calling a mortgage broker out of the blue, demanding an exact interest rate that can be offered to you, getting upset and possibly missing out on a great program or opportunity because the loan officer cant give you one and then hanging up is not the wisest course of action..Knowing what goes into determining an interest rate may help keep some steam from coming out of your ears or being lied to because the person on the other end of the phone is afraid of losing your potential business and says what he thinks you want to hear to get you to next level...Then somewhere down the line it resurfaces and he hopes you hang on...

There are many factors that go into determining an interest rate and until you supply all the information needed to know which factors will be used, decide on which program best suits your needs and get an appraisal to know whether the property will be sufficient for the lender, it it impossible to give you an exact honorable rate...SOme programs offer a 1% intro rate, sounds good, but unless you need to be on that type of program, it may cost you more in the long run, maybe short run...Most people when they request a rate also want a fixed rate which happens to be the highest rate that can be offered, so you can see the need for some discussion before a quality loan officer even has enough information to offer you any program or rate...

So be patient the next time you ask for an interest rate, know that your question will followed by many questions that will help get you closer to an actual, honorable number...If they dont ask alot of questions, the rate given, in my experience, will be far from the number offered at closing...Know upfront it takes a lot more than just asking for the Best Rate...

 

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