If I meet someone at a party (by the way… you should invite me to your party) and I tell them what I do, they almost always ask the same question.
“What’s my interest rate?”
If any person gives you an answer to that question other than, “it depends,” don’t take any financial advice from that person. Interest rates are determined by investors than adjusted based on people’s individual profiles. What that means is that if your friend got a 4% interest rate, that means nothing compared to what your interest rate could be. A few of the factors in determining your interest rate are…
- The type of property you live in or are looking to live in
- Your credit profile
- The size of your loan amount
- The state you live in
- And many more!
Point being, if you hear one of my competitors talking about how low their interest rates are, don’t bother giving them a call. The fact is, any reputable lender is going to offer you an interest rate withing .125% of each other. Your primary concern, and my primary concern, is your monthly payment. How much you’re paying is what I’ll be focused on when you call!