Interest Rates

Where are our interest rates?!?

Why We Don't Post Interest Rates on our Web Site

Buying Your Interest Rate Down or Up - Points

Getting Comparable Interest Rate Quotes

Why We Don't Post Rates on our Web Site

Lenders and brokers get their loan money from the same wholesale market.  There isn't much variation in rates, or there shouldn't be.  If you see a rate on the web that's much lower than other rates, there is a catch. 

Our rates are competitive AND we offer a wide range of loan programs.  We don't post our rates on the internet because human beings (as embodied in our own staff) are better than computer software at digging around to uncover those variables that affect loan pricing.  These  include thoroughly reviewing your credit scores and history; the loan term and program that works best for you; the documentation level required; the combined loan to value; whether you escrow or not; whether the home will be your primary residence; how long you'll be living there; the size of the loan; and the length of the rate lock needed.  

Drop us an email or call us at 866-805-4722 and we'll be happy to work with you and provide a quote and good faith estimate.

Buying Your Interest Rate Down or Up - Points

Mortgage Partners gets interest rates at discounts via our investors in the wholesale market - these rates are not available to the general public.  The retail price we offer you - your interest rate, total points and fees - will include our compensation.  Either you, our investors or both may pay us all of our compensation. 

If you would rather obtain a lower interest rate you can pay points (a point is 1% of the loan amount).  If you choose to pay no points, some or all of our compensation may be paid indirectly through a higher interest rate.  Whether paying points makes sense (i.e. how much will you save in a lower rate by putting more money up front) can be figured out using this handy calculator.  Call us for a rate quote and together we'll explore multiple scenarios to help you decide which loan is right for you.

Getting Comparable Interest Rate Quotes

Make sure you compare loan apples to loan apples.  Some basic questions that you will want to ask each lender early on include:  Is it a fixed rate or adjustable rate loan?  What length rate lock has been quoted?  What is the amortization term? (30 years = 360 months; 20 years = 240 months; 15 years = 180 months).  Is there a pre-payment penalty?  Is there a balloon on the loan?  Will points be charged?  How many?  What will my rate be if I don't pay points? Can some or all of my closing costs be paid?

1. Rates change daily, sometimes more than once during a single day. Get your quotes on the same day and as close to the same time as possible.
2. Know how long you need to close your transaction (purchases can often be 45-60 days before closing; refinances can often be done within 30 days), tell the lender what rate lock term he/she should use for the quote.
3. Get quotes for the same loan program.
4. Use your mid-credit score. If you don't know your credit score and history click here (make a link to some good source of credit reports).
5. Ask for a variety of interest rate choices based on how many points you pay (see points section)
6. Ask to have the lender/broker fees in the 800 section of the Good Faith Estimate explained to you.

7. Ignore charges in other sections of the GFE. The lender or broker does not set these fees and usually have little control over them.
   

Once you have this information for several lenders or brokers, you can then compare which are the cheapest.  You also now have some sense of how each loan officer dealt with your questions. 

Were they a good listener? 

Did they ask questions that helped them better understand your situation? 

Did they answer your questions clearly and precisely? 

Because we're in a competitive market, you might not find many differences when it comes to rates or closing costs, so finding a good loan officer who can explain how the loan universe works, who can provide good advice, and who can handle the many details that come with loans might be a better place to start.

The bottom line is we offer competitive rates for ALL of our loan programs. If you have a particular rate you're looking for, but you're just not ready to call and speak to one of our Loan Officers, you can use our Rate Tracker service to request that we notify you when rates reach a certain level.