Nov 22, 2021
*** VIDEO TRANSCRIPT ***
Interest rates vary tremendously based on the parameters of the loan and the overall cost/benefit strategy you ultimately employ. Any yahoo can quote you an interest rate on the given day you happen to call.
When you ask most loan officers, "what's your interest rate?" they're probably going to tell you what they think you want to hear in order to win your business. And you know what? It doesn't matter. Because unless you have a fully executed purchase contract with a closing date that is 30 to 45 days away, the interest rate is no more than an estimate.
The better question to ask is: How are interest rates behaving right now and why are they behaving that way?
A good loan originator studies the market and the market movements. A good loan originator knows when to lock-in that interest rate to save you the most money. Because "What's your interest rate?" on the day and time you happen to call is largely irrelevant. Your loan originator should watch the market closely to determine when to lock-in your interest rate to get you the most favorable terms - whether that's today, tomorrow, or two weeks from now.
Are you also aware that the lowest interest rate with the wrong strategy can cost more than a slightly higher rate with the right product and the right strategy?
My team is going to ask you questions that you've probably never been asked by a mortgage lender before. We are interested in your big picture - your holistic financial health. We want to help you craft a strategic debt strategy to help you create and maintain wealth and achieve all of your financial goals.
My name is Emily Caryl Ingram. I lead a team of Mortgage Loan Specialists at New American Funding in Port Townsend, WA. Thanks for watching!