Learning center
Rate Tips
Why mortgage rates change quickly, why loan price is more important than the rate, and how your unique qualifying criteria affects the rate you receive.
Overview
There is so much more to understanding how rates work than just asking the question "what's your rate?" to a lender! Rates are not one size fits all! Here are some articles to help you understand how it all works and why your individual scenario determines what rate you receive. Credit score, loan to value, loan type and term, property usage and property type are just some of the criteria that determines your interest rate.
Who this is for: Home buyers, current homeowners looking to refi or get cash out
What you'll learn
- •Shop the loan price-not the rate!
- •APR vs the rate-what's the difference
- •Why mortgage rates change so quickly
- •Rate secrets-how your criteria affects the rate you receive
- •The Fed doesn't set mortgage rates
- •Why online rate quotes are lies
9 guides in this topic
Rate TipsAPR vs the loan Rate
Why isn't the lowest interest rate the most advantageous option? Initially, lower rates typically entail higher lender fees (points). It's important to consider a break-even point.
Read the guide →
Rate TipsWhy A Fed Hike or Cut doesn't change Mortgage Rates
A common misconception is that when the Federal Reserve raises or lowers interest rates, mortgage rates automatically move by the same amount. They don't.
Read the guide →
Rate TipsShop the Loan Price, Not the Rate — What Does That Mean?
After my nearly 40 years in lending, there is one constant I can attest to. The bigger the lender the higher their loan price! What exactly is the loan price? It's the combination of the rate and lender fee tied to that rate
Read the guide →
Rate TipsWhy Mortgage Brokers Beat banks & big lenders
When shopping for a mortgage, one of the biggest misconceptions is that a big bank or national mortgage company must have the lowest rates because of its size. That is often not the case.
Read the guide →
Rate TipsRate Lock Tips to Help You Get the Best Rate
Mortgage rates can change daily—sometimes more than once a day. Understanding when to lock your rate, when you might consider floating, and what actually determines your mortgage rate can help you make a better-informed decision.
Read the guide →
Rate TipsMortgage Rate Secrets: What Lenders Don’t Always Explain
Mortgage rates are not one-size-fits-all. Your rate depends on the market, your financial profile, the property, the loan program, and—just as importantly—the lender fees associated with that rate.
Read the guide →
Rate TipsWhat drives mortgage rates to change?
Mortgage rates can seem unpredictable. They can change from one day to the next—and sometimes even during the same day. The rate you’re quoted may also be very different from the mortgage rates you see advertised.
Read the guide →
Rate TipsWhy is the loan price important?
When shopping for a mortgage, comparing interest rates alone can be misleading. Every mortgage rate comes with a cost—or sometimes a lender credit. Looking at both together gives you a much better way to compare your options.
Read the guide →
Rate TipsTruth About Online Rate Quotes
Shopping for a mortgage online can be confusing. One lender advertises an extremely low rate, another promises low fees, and an other claims to have the “best rates.” The problem is that the advertised interest rate alone doesn’t tell you whether you’re getting a good deal.
Read the guide →Get a straight answer today
No credit pull to start, no sales pressure, and a real quote you can compare line by line against any bank or big lender.