“WHAT ARE THE RATES?”

One of the first questions clients or real estate agents, who never worked with a lender or a mortgage broker, ask “What are your rates?” This is a wrong question.

First of all, interest rates based on the variations of the 10-year T-Bill are in constant fluctuation. And then it is impossible to quote the rate before we know the client’s particular condition which include the credit score.

Then there is source of income and the source of the down payments if it is a purchase. Then the question is which lender can finance this transaction. All of this can make the difference. Since rates are only available upon the lock, we have to write after the quote (subject to change).

However, situations can be even more complicated, as you may learn from the recent presentation in our office made by Robin Kozelka from Acra Lending.

Need assistance? Don’t hesitate to contact me – call (415) 225-7920.

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630