What Are the Rates At? I Do Not Know, and Neither Does Your Bank!
March 11th, 2009
What are my rates? While the answer really is not as simple as your bank does not know; the real answer is what your lender feels your rate should be right now. Banks today are developing additional guidelines that breakdown the rates borrowers get by credit, income, loan to value, loan program, and a host of other factors. Just to add a little extra oomph to rate sheets those rates change at any time. Even better is the possibility that they will change who qualifies for a mortgage on any given day. The good thing is that there are ways to protect yourself against these pitfalls in order to have a better rate. So what is your rate and how is it determined?