AmeriBanc Mortgage
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Interest Rates

Don't be fooled by low interest rates advertised on lender websites, TV adds or on the radio.  All of us lenders get our money from the same sources, FNMA (Fannie Mae), FHLMC (Freddy Mac), FHA, VA, Cal-Vet, etc.  If one lender is advertising interest rates that are considerably lower than those offered by most other lenders, don't get suckered in.  Low rates are an old trick to get you as a customer and then approve you at the last minute for a completely different loan interest rate.  Remember the investors on Wall Street set the interest rates, not the lenders or mortgage brokers.  Just because it is advertized doesn't mean it is real.  If a lender won't give you a written rate lock for a period long enough to close your mortgage transaction...Run!

Interest rates change throughout the day, often many times.  Interest rates posted on a lender's website this morning may be different this afternoon.

Don't just check interest rates on the internet.  Check interest rates advertised in the newspaper and other places.  Don't just check one or two lenders interest rates, call 10 or 15 lenders, ask them for their interest rates.  Is the rate locked? How long is it locked for?  10 days, 15, days, 30 days, 60 days?  You get the idea.  If it takes 45 days to close your loan and the lender is quoteing you a 10 day rate lock, you won't be getting what you thought you were getting!

And remember... interest rates aren't interest rates!  Until it can be determined just what loan program you can qualify for, what impact your credit history will have on your interest rate, how much of a downpayment you can afford, etc., no lender can accurately quote you an interest rate.  The honest lender will only be able to give you an interest rate range.

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