Recently, one of my buyers that’s currently in escrow saw an advertised lending rate that was less than their quoted rate. That buyer then asked me if they should look at another lender or respond to one of these pop-up lending rate ads they sometimes see online.
Can you trust these advertised lending rates?
No you shouldn’t. We all know about the bait and switch tactic, and that’s what these online ads are. Interest rates are like the stock market—they go up and down all day and can fluctuate based on your credit score, your loan-to-value, and the type of loan product you use.
Don’t be deceived by Internet advertisements offering rates as low as 3.25%. They’re geared to get you to sign up for something so they can collect information from you. No lender could ever quote you a rate without first seeing your credit report or your contract or understanding how much you’re looking to purchase and how much of a down payment you have.
If you want to get quoted a reliable rate, we have some great local lenders we can refer you to who will give you the service you deserve. That way your lender and your Realtor can be a team working for you.
If you have any questions, please don’t hesitate to reach out to me. I look forward to the opportunity to work with you.