Our last post sparked an important thought that needs to be reiterated. Mortgage rates cannot be guaranteed until your complete application has been submitted. That is why the interest rate is only a quote. They can change daily so no one will guarantee a rate until its locked.

Many mortgage companies will take advantage of this by quoting you a rate lower than what it really is just to earn your business. Then when its time to lock, they give you the real rate and say sorry, the rates increased. Or, they may quote you an honest rate, but when its time to lock quote you a much higher rate because by then you feel trapped or obligated.

Solution – When you are ready to lock with your lender and he gives you the rate that he wants to lock, CALL another lender immediately, or better, CALL US! Ask for a rate quote and compare the two. Comparing rates really needs to be done at the same time to get a real comparison because remember, rates can change multiple times per day.

If your current lender is taking advantage of you, you will know if there is a big difference in the rates.

Here at MilitaryLink, we provide you with an honest quote every time. We are a veteran owned company, with many veterans loan officers, we don’t take advantage of our own!