About Our Rates
We pride ourselves on providing the LOWEST POSSIBLE RATES ALONG WITH PREMIUM SERVICE , over the years we have found the only rational and honest way to quote interest rates is one loan at a time .
- Slight differences in financial profiles can mean very different mortgage programs and eligibility requirements.
Here's a few examples of the kind of things that regularly come up:
- You just changed careers and don't have a two-year history in the same field.
- Your co-borrowers credit card balances are too high and your credit scores got lowered unexpectedly
- Your compensation plan at work just changed and you don't have a history of earning bonuses, overtime or commissions.
- You're a Jr. or a Sr., or just by some fluke somebody else's credit is mixed up with yours, and theirs isn't very pretty
- Properties and loan sizes matter:
- Buying a beautiful condo in a converted Victorian is very different than buying in an established complex with a management company.
- Buying a two - four family? Not all loan programs treat the extra rental income equally, and that may mean you qualify, or not.
- A $100,000 loan and a $600,000 loan have very different guidelines and rates
- 3% down may work on a single family, but may not work on the particular condo or 3-family you're interested in.
- Creative suggestions: We very often suggest loan programs and options that can save you lots of money and frustration.
- Will you be there less than 5 - 7 years? We may suggest a loan with no closing costs or a 10/1 ARM (Adjustable Rate Mortgage) that offers the security of a long term fixed rate and the attractiveness of a lower introductory rate.
- Putting down less than 20%? A First mortgage of 80% of the price and a second for 15% can avoid PMI (Private Mortgage Insurance) and offer greater tax advantages and flexibility.
- Is your credit less than perfect? You may be much better off with an FHA (Federal Housing Administration) loan .
Here are a few things to watch for when shopping for rates on the web:
- Check the total closing costs! The fees charged by many popular 'Loan search engines' usually offset any advantage in interest rate.
- Rate lock periods matter. A 15-day rate lock doesn't do you much good if you're not going to close for 45 days.
- When can you lock in? If you can't lock the rate the day you apply, in a binding rate lock agreement, just forget about what's being offered You'll likely end up with something very different.
- Do you qualify for what's being offered? As we've mentioned, this is the toughest question to answer. We've heard every excuse from 'You need a 780 FICO score' (Which is exceptionally high for even the best borrowers) to 'You didn't tell us about....'.
- Where's your lenders nearest office? The automated loan approval and closing without involving qualified people is a nice fairy tale, but it's still a long way from reality. What are you going to do if you're in Massachusetts and the lender is in California and things aren't going well? Most borrowers have substantial deposits on the line and serious consequences to face if they can't perform on time. (Hence the term 'Time is of the essence')
Our Philosophy about interest rates and customers is very much the same, namely:
'It takes twenty years to build a good reputation, and five minutes to ruin it'
We're going to be VERY AGGRESSIVE ABOUT INTEREST RATES AND CLOSING COSTS because we want you (and your family and friends) to come back to us. We're looking for customers for life.
Call one of our loan officers at (978) 532-6600 for a personal quote for your loan.