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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 TipsTruth About Online Rate Quotes
When shopping for a home loan, it’s easy to feel overwhelmed. Ads are literally everywhere — so how do you cut to the chase and find the best rate for your situation?
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Rate TipsWhy is the loan price important?
When shopping for a mortgage, one of the biggest mistakes you can make is comparing interest rates only. Every mortgage rate has two important components, the interest rate and the lender cost—or credit—associated with getting that rate Put the two together, and you get your loan price.
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Rate TipsWhat drives mortgage rates to change?
Rate quotes from lenders often seem to be all over the place, constantly changing and these rate quotes hardly ever match what you see advertised. Big question is why? With this article I'll explain the factors that affect your rate and what to watch out for
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Rate TipsMortgage Rate Secrets: What Lenders Don’t Always Explain
One of the biggest misconceptions about mortgage rates is that there is a single interest rate available to everyone. There isn't. The mortgage rate you qualify for depends on a combination of numerous factors.
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Rate TipsRate Lock Tips to Help You Get the Best Rate
Mortgage rates can change quickly—sometimes more than once during the same day. That makes rate locking one of the most important decisions during the home loan process: Should you lock your mortgage rate now or wait and hope rates improve?
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Rate TipsThe Rate Quote Game
When shopping for a mortgage, it’s easy to assume that the biggest lender, the biggest bank, or the company with the most advertising will offer the best deal. That isn't necessarily true.
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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
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Rate TipsA Fed Hike or Cut Means Very Little for Mortgage Rates
There's a common mistake the Fed "sets" or hikes/cuts mortgage rates directly. Even among people who know better, there is often a mistaken belief that changes in the Fed Funds Rate translate immediately in some direct way to changes in mortgage rates
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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 when…
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.