Rate Shopping can be confusing…here’s what to look for

If you’ve been using the Internet to search for a new mortgage, you’ve probably noticed that many websites have tables full of rate and fee information followed by pages of fine print. 

At Vertex Financial Group, you’ll find that we’re different.  We are Mortgage Specialists affiliated with over 30 national and local lenders.  This allows us to access hundreds of different loan programs to effectively match our clients’ needs.  We continually monitor lenders, interest rate trends, and the financial markets so we can offer our clients the lowest interest rates possible in the marketplace. 

Asking a lender, “What’s your rate?” is similar to asking an insurance agent for a quote for auto insurance.  There are so many other factors involved that the agent needs to ask the right questions before assessing the risk in insuring your vehicle.  Your age, driving record, average miles you drive each day – all play a part in determining how much your insurance will cost. 

The interest rate you acquire depends upon many factors: loan type, loan amount, credit rating, and most importantly, the costs you pay. Generally, the more costs you pay the lower your interest rate. But does it make sense to pay costs to “buy down” your interest rate? The answer to that question depends primarily on the length of time you intend to keep the loan and the anticipated direction of interest rates.

In many situations, you can opt for a No-Cost Loan instead of incurring costs. Simply put, a No-Cost Balance Transfer or Purchase allows you to obtain a loan without paying any points, origination fees, or closing costs. There is no catch, you pay absolutely nothing.  Ask a Vertex Advisor about our No-Cost Loan option.

In the end, it’s about building trust and our commitment to providing ongoing prudent financial advice.  That’s why we won’t simply quote you a “low ball” rate.  We’ll look beyond rates alone to consider points, fees, closing costs, buydowns, and terms to find the mortgage that precisely meets your needs.