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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: dave rose who wrote (6659)11/10/2002 6:09:55 PM
From: TradeliteRead Replies (1) of 306849
 
Dave, when you see mortgage rates quoted, many of the quotes do not include any discount points (a point is one percent of the loan amount) that must be paid by the buyer to achieve the low rate quoted.

If your rate seems higher than "market" rate, it could be that you asked the loan officer to give you a rate that would not include paying those one or two discount points out of your pocket up front. Instead, they could be rolled into your interest rate over the life of the loan.

There's nothing wrong with that. You just need to understand where the costs are hidden when comparing rates. The lowest rate isn't always the cheapest rate, when taking out a long-term loan.

It's also useful to remember that rates you see posted on the internet over the weekend might not be the rate available when the market opens next week.

Believe it or not, mortgage rates may look different from lender to lender, but the current (meaning right now) price of most money available out there to borrow is the price of money no matter where you go----it's just offered in different ways by different lenders. There is no free lunch.

It's also useful to remember that not all borrowers get quoted the same rate at the same moment by the same lender--depends on their credit situation and maybe even other factors.
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