Mortgage Rates: Advertising vs. Reality
When you are searching for Naples mortgage rate information, you may be confronted with a variety of rates that do not seem to be close to each other. Part of the reason may be that mortgage rates are quoted on different mortgages for advertising purposes. Here are some examples of why there are so many different rates quoted in advertising.
Size of the loan
Your Naples mortgage rate is often dependent upon the size of your loan. For example, a home loan of $200K would have a lower rate than a loan of $500K. The reason for this is that the lower end would be considered a conforming loan while the higher loan would be considered a jumbo mortgage. Because jumbo mortgages are often funded by direct lenders, smaller loans are often eligible for backing by Fannie Mae and Freddie Mac.
Down payments matter
Oftentimes as an incentive to borrowers, a lender will lower their Naples mortgage rates if you put down a larger down payment. This is because the lender has to take less risk over the life of the loan. Additionally, if you put 20 percent of your purchase price down, you will be free from personal mortgage insurance.
It is important that even if you see a ultra low rates, while attractive, are often a “best case scenario”. This means you meet all of the guidelines of the lender including down payments, credit scores and even the length of your employment.
Oftentimes, when a homeowner or home buyer is trying to find the best rate, they do not know where to start. Fortunately, Core Mortgage Financial is here to help. We specialize in working with every borrower to make sure that they get the lowest possible rate that they are eligible for. We offer a wide variety of programs with some of the best Naples mortgage rates in the area. Contact us today and let us help you make sure that you get the lowest possible rate for your mortgage.
Call our office today at 239-431-5889 or APPLY online !
Disclaimer: Rates, Programs, Guidelines are subject to change without notice. NMLS #849597