289-755-0146 amy@amycoburn.com
So why is it that mortgage broker’s cringe when they are asked…”What’s your rate?”
Things have changed greatly in the mortgage industry, especially over the last year.  These days, we need to know all the details of an application before we can even give a range of rates.  Even then the rates are changing so quickly that from day to day that range may be different.

Here is a simplified list of the details we need to know before we can look at rate:
-purchase or refinance?
-Loan-to Value (LTV) – how much of a mortgage is needed in relation to property value?
-credit scores and past credit issues?
-type of income – salary, commission, seasonal, permanent, contract, self-employed, pension, etc?
-property – location, water source, heat source, seasonal, need improvements, etc?
-occupancy – primary residence, rental property (single or multiple units, owner occupied) or second home?
-prepayment options – plan to or want the option to add lump sum payments or double up your payments to pay down your mortgage faster?
-length of term – planning to move or change careers within the next 5 years? 

This shows why it is so important that we have a full application and speak to all clients about their needs before we can estimate a rate and submit an application to our lenders for approval.  We have many different lenders available to us to accommodate our clients needs.  Each lender sets their own rates and product requirements, following within the government guidelines.  These rates and products change regularly, sometimes daily and some are set based solely on the risk factor of each application.  We also have to consider things like how the lender calculates their penalties, what are their prepayment options and what their customer service is like for our clients. 

We don’t believe in posting rates that most clients would not qualify for unlike how some institutions will post teaser or introductory rates.  (You can read our blog Don’t Get Caught by Teaser Rates.)

So don’t be offended if you call and we say sorry we need a full application before we can give you a rate.  We don’t want to just give you an arbitrary rate and then review your application, only to find you qualify for something completely different.  If you are considering a new mortgage, please fill out our online application and we will contact you to discuss your needs.