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lenders rates are not matching low rates i see online?

i've been following rates and see how low theyve gone but the quotes i'm getting are much higher. my credit is 726 which i thought was pretty good. are the online rates always lower or for people with very high fico scores? the quote i got was 4.2% on a fha 30 yr fixed
By gerred9273950 from CO Oct 16th 2014
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Dear gerred9273950: EWach situation is unique buyt that rate does seem a bit high based on what you have laid out. Please contact me if you would like to discuss rates and programs specific to your situation Keith Smith, NMLS 903855, Mountain West Financial 303-564-4141

Oct 16th 2014

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Many times the rates you see posted on line have points to be paid to get that rate. When you actually call in or talk to another lender, they may be quoting you the par rate. That being said, it would seem the rate you are being quoted is a little high. I would call another lender in your state and get a quote from him or her. If you are buying in Iowa or Nebraska, I can help you.Dennis W ClarkFreedom LendingNMLS#13970402-333-5432dennis@mortgageloansofamerica.com

Oct 16th 2014

Hello!Yes, the rates that you see advertized are for credit scores above 740 and typically a good chunk of equity. With that being said, the 4.2% does seem high for FHAAlso, I wouldn't put you in an FHA loan due to the mortgage insurance, so perhaps that was the only option the other lender had to give to you?Please contact me and let me see what I can do for youThanksKimkim.clancy@chl.cc720-353-4578 or 949-933-9058

Oct 16th 2014

Rates listed online are typically based on BEST case scenarios. Typically, 740 or higher credit scores, $250K loan amount or higher, 70% loan to value or lower, on a single family home, and you pay points to get it.. If you were to call one of those lenders, there's a 99% chance you will not qualify for that advertised rate.. This all being said, 4.2% of an FHA loan seems a bit high, but if your lender is giving you a credit to help with costs, or you're financing a manufactured home, or your loan amount is low, then 4.2% is not bad. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 16th 2014

The rates you are seeing online are referred to as "best execution" rates, meaning the ideal borrowing situation. There are many factors that go into determining one's interest rate, which is why it's important to shop around. I would contact several lenders to what they can offer you based on your unique situation.

Oct 16th 2014

Online rates are never accurate because the rate you qualify for is not only based on FICO, but many other factors such as loan to value, income, debt to income, etc. The rates advertised are typically teaser rates based on highest fico score, low LTV, and discount points to draw your attention and generate a phone call.

Oct 16th 2014


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