What to know about Interest Rates
What affects the rate you get.
Calling a lender and asking: "What's your rate?", is similar to calling an insurance agent and requesting a price for auto insurance. There are so many 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. Mortgages work the same way. Any mortgage representative can talk about a low mortgage rate, but many stipulations go along with it."
The 3-C's.
It's important to understand that there are many factors that influence the rate you'll receive. Mortgage rates are the result of an equation that takes into account your personal credit history, property, income, loan type, term and loan amount. These qualifying factors can more simply be referred to as the 3-C's Credit, Capacity & Collateral. Visit our Credit 101 section for more information.
Why a lower rate can sometimes end up costing you more.
Rates aren't always what they appear to be. Be sure to look at the total cost of the loan and inquire as to what, if any, hidden costs the loan may include. A seemingly lower rate may carry considerable out-of-pocket costs at closing, including application fees, points, and pre-paid interest.
The Mid America Funding, Inc way.
At Mid America Funding, Inc, you'll find that we're different than most lenders. We don't surprise you with hidden costs, We believe the most important part of the borrowing process is building trust and offering the highest level of customer service.
We'll work hard to make sure you get the best possible rate.
Our loan specialists are trained to listen. We'll talk to you about your needs and your financial situation to find out what rate you qualify for. Our commitment to you doesn't end there. We'll be with you every step of the way to ensure that your entire transaction goes as smoothly as possible.
Visit our Glossary for a list of mortgage terms.