Everything Is Not As It Seems!!

Have you ever asked a question, gotten an answer and made all kinds of plans and decisions
based on that one answer.

I'm here to tell you that we've all been there.

In today's society it is so important to ask the right question in order to get the right answer.

An example would be this: What are the interest rates today?

I've learned that the lenders can no longer give you a straight forward answer.

They will usually need to have some questions of their own answered before quoting
a rate:
1.) What is your loan amount?
2.) Do you have sufficient funds to pay closing costs?
3.) What is your credit score?

Why so many questions to simply get an interest rate?

With so many changes in the lending business the banks need to be more aggressive in
seeking a qualified buyer. So many mortgages in the past have gone into foreclosure and many more homeowners are doing short sales. The bank is looking at all the risk factors with
you as a buyer. for instance if you have a high credit score i.e. 740 you are a lesser risk
and therefore you may receive credit toward a lesser interest rate.
If you do not have enough money to pay all the closing cost but can afford a higher payment
and have a good credit score you may choose to pay a little higher interest rate and pay less
money out of pocket for closing closing costs.

If you are confused all I can say is try to work with a credible mortgage lender and make sure your real estate knows something about mortgages.
If is far more important to surround yourself with knowledgeable people than to be an expert in all things.