Home Mortgage Rate

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Beware - the advertised home mortgage rate may not exist!

Have you ever called a lender after hearing an ad with a home mortgage rate too good to be true and have them tell you that the rate has “expired”? This mystery rate isn't a mystery, it never existed or you didn't hear the disclaimers at the end of the ad telling you that it's for a 15 year adjustable rate mortgage only available to those with perfect credit. It's not uncommon for lenders to use these bait and switch tactics with a home mortgage rate in order to lure you to their company.

Is this really all that common?

With so many lenders out there competing for your business, it is only natural for them to come up with these types of advertising tactics in order to get your business. Using the home mortgage rate as bait is a much better tactic than telling you that you won't have to pay closing cost, an appraisal fee, points or any other fees because they wouldn't make any money and they would run out of breath and lose your interest before getting all the words out.

How do I know it's a phony rate?

Be on the lookout for disclaimers that quote it as being a rate on a loan you may not be interested in or couldn't qualify for due to lack of income or credit. On the other hand, you may want to break out of the mold and go for a special financing home mortgage rate and change the repayment terms of your loan.

What should I look for in a loan besides the home mortgage rate?

The home mortgage rate is definitely not the only deciding factor when choosing a loan. It's also extremely important to know how much you will be paying in closing costs or points. It's these extra fees that can really add up to a lot of money and begin to dwarf the home mortgage rate, at least in the short term when you are expected to come up with money upfront to pay the fees.