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WHAT ABOUT RATES?

What are your mortgage interest rates?

That is the most common question we hear. To be completely honest, there is no one, standard interest rate.   You see, interest rates are as diverse as the people who ask about them.  Your own interest rate will depend on the characteristics of your loan, your credit score, your property, your debt-to-income ratio, your income documentation type, and a whole bunch of other factors.  Add to that the fact that rates can change up to 3 times a day and you can see how that question would be difficult to answer!   Beware of anyone who quotes you a rate without asking you many, many questions.

Your rate = Your credit score + Your loan characteristics. 

For a lender to quote a rate that will be even remotely close to a true number, you need to supply the lender/broker agent with a COMPLETE application along with a tri-merged (all three bureaus) credit report for all applicants. In residential real estate mortgage lending, one rate does NOT fit all.  The rates published on other web pages will give you an answer, but it won't be the REAL answer.

A savvy internet loan shopper will compare not only interest rates on loans, but the prices and features of similar products.  You must be sure you are comparing "apples" to "apples".  In order to do that you should look at the APR on the different loans.  The APR takes into account the additional costs of the loan and allows you to compare the entire cost of the loan.

But what about those super-low rates I've seen advertised?  Can I get those rates?

You may!  You see, Those super-low rates are teaser rates reserved only for the very few borrowers who have high credit scores and fit strict lending guidelines.  But if you need a non-traditional loan with characteristics that exceed the traditional "cautious" conforming lending standards, you should expect rates to be a bit higher.  For example,  a non-traditional loan would be the following: your home's value is $160,000, you owe $130,000 and you want $30,000 cash out.  For this non-traditional loan, your rate will be a bit higher, but still very competitve.

We offer Conforming loan products that match or often beat any rate you'll find posted on the Internet or in the newspaper for our borrowers who can fit into those programs. But for our borrowers who don't fit into those programs, we offer Non-Conforming loan products to fit their borrowing needs. These loans are tailored to provide more lenient requirements and have interest rates, which are somewhat higher. All of our business is customized to fit your individual credit situation and your particular needs. In fact, 60% of all the loans funded in America are for these non-traditions, non-conforming type loans.  They are a much better fit for those who need the more generous, liberal borrowing guidelines or a less common kind of residential real estate loan. In this non-conforming lending arena, we help people of all credit grade levels: from stellar, 'AAA' credit to bumpy credit backgrounds.  Our goal is to help you get back on your feet and build a better financial future.  Real solutions for real situations. 

Rest assured that we will do our best to find you the best possible rate for the loan program that meets your needs.  After all,  we're here to help you find a solution and improve your financial life.  Contact us if you have questions regarding your rate. Email us at info@e-moneysolutions.com.