The interest rate on your loan can impact the amount of money that you pay each month and over the life of your loan, so naturally you want to get the lowest rate possible. After all, even a percentage of a point off can put thousands of dollars back into your pockets. This is why comparing interest rates is such an important part of the home mortgage process.
The “lowest” interest rate is really the rate that fits your unique situation. Your finances, credit score, and even the type of loan you need, all play a part in determining your interest rate.
If you hear an advertisement promising the “lowest rates,” know that it is impossible for any lender to claim the lowest rates. It’s important to take a close look at the various factors unique to your situation. For example, the interest rate for a homebuyer with an 800 credit score, a sizeable down payment, and the ability to pay points at closing may be quite different from other borrowers.
You are an individual with a unique financial history, and there may be many loan programs available to fit your personal goals. These factors are what will determine the true rate that you qualify for, no matter what promotion you see on the Internet.
Your interest rate is important, and so is saving you money. Just as important as getting you the right rate, however, is being sure that you have selected the right mortgage loan. You are doing more than purchasing or refinancing a home; you are making financial goals for yourself. The right loan program can help you meet your short and long term future objectives.
American Pacific Mortgage wants to do more than just find you a competitive rate that fits your financial circumstances. We want to get you there. Our loan advisors pride themselves on building relationships, and providing an outstanding experience to our customers. You are more than a number. We listen to your plans, answer your questions, and address your concerns. We will compare loan programs and rates so you can clearly see the right choice, and so you can make an educated and informed decision. We are committed to getting you to the finish line, and closing on time and without surprises. When you get a mortgage through American Pacific Mortgage, we do it together.