Special Mortgage Interest Rates

Last night on Facebook, I saw an ad for a builder’s lender promoting “limited time opportunity special interest rate” when you purchase one of their new homes. This was being shared by a Realtor whom I’m “Facebook Friends” with. I decided to price out this “special rate” and proved that the rate, while very low, is actually not so special.

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Why is my rate quote higher than what is on the internet?

mortgageporter-thinkingEDITORS NOTE: This post was written prior to the regulations in 2010 which require a Good Faith Estimate to be delivered upon application. Please be sure to WHEN a post was written when reading a mortgage blog as regulations and guidelines are subject to change.

This is a question I just received from a gentleman who is considering a low down payment mortgage, such as a VA loan or USDA rural mortgage.

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