Current Mortgage Interest Rates in Gainesville

The Lowest Rate Quote is Not Always the Best Deal…

Before the mortgage crisis, mortgage interest rates were easy to quote and therefore easy to obtain.  Consumers could simply look in the paper to see the interest rates in Gainesville for that day from every lender who wanted to publish their rates. Additionally, all conventional borrowers would receive the rate posted, regardless of their credit. Today, it is much more complicated to accurately quote rates to our mortgage customers. For this reason, you should be cautious when a mortgage lender is happy to quote you a current mortgage interest rate without knowing very much about you.

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With the changes from the mortgage and housing crisis, conventional mortgages are now priced based on risk to the lender. This means that mortgage rates in Gainesville will vary based on several factors.

1).           Credit:  Mortgage interest rates can change significantly based on your credit score(s). Typically anything lower than 740 will cause an increase in fees or rate or both depending upon the lender.  If anyone quotes you a rate without any idea of your credit score, the rate quoted could be up to 1% lower than the actual rate you will be charged.  Mortgage Rates can even vary as a result of the other debt you owe.

2).           Loan-to-Value: Mortgage rates also vary according to the amount of down payment or equity in the property. If you plan to put down less than 20%, this will usually cause an increase in rate as well as the addition of Private Mortgage Insurance.

3).           Loan Size:  Every lender has margins for the loan sizes they prefer. If your amount is higher or lower than these margins there may be an adjustment to the mortgage interest rate.

4).           Geographic Location: Where the home is located is also a rate factor in today’s market. High foreclosure or soft markets may have higher rates than areas where the market is very strong. The mortgage loan rates in Gainesville are not necessarily the same as other areas of the state or the country, so be cautious when obtaining quotes from internet or out-of-state lenders.

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So you see, it is impossible to get an accurate mortgage rate quote, allowing you to shop for the best deal without providing some personal information. In fact, because of risk based pricing, the best rate and fees scenario for you may not even be a conventional loan. The professionals at Landmark Mortgage Planners have the knowledge and experience to find the BEST mortgage program for you, allowing you to get the best deal for your circumstances and save you the most money. Just like a knowledgeable and experienced plumber can save you BIG money in the long run, so can your mortgage professional! Learn more about what distinguishes our  professional mortgage planners from the rest.