Carolyn Frey from Mortgage Lending Solutions joins us again to talk about a common pitfall among homebuyers who are searching for the absolute lowest possible interest rate.
The market is hot in certain pockets of the Florida Keys and some buyers are going online and seeing tempting rates that are lower than what they’ve already locked in. Many of them come to the closing table with the better rate that they found online and want to use that lender instead.
“They advertise the lowest possible rate, which you likely won’t qualify for.”
This is a common issue in today’s market. The instant information is nice, but it can be very misleading. When you see a lender quoting their rates, you’ll see the lowest possible rate advertised, but that won’t necessarily be your rate.
Many different factors affect the rate that you’ll be offered, including your income, credit score, and more.
If you’re serious about buying a home, you need to do your homework and meet with a lender about all of this. The price online is very likely not the price you will be offered. Save time and money by doing your homework and meeting with a lender first.
If you have any questions for us about interest rates or real estate in general, don’t hesitate to reach out via phone or email.
