Adjustable-rate mortgages may be more attractive when mortgage rates are high because they can save you money initially.Fixed-rate loans are often a better option when interest rates are low since you can lock in a good rate for your entire loan term.Both can be good choices, depending on your financial situation: Rocket Mortgage offers loans with fixed rates as well as loans with adjustable rates. An APR includes these charges, so it tends to better reflect the true cost of the loan.An interest rate is what you pay back on top of the funds you receive, expressed as a percentage.Also, keep in mind the differences between an interest rate and an annual percentage rate (APR): Mortgage rates change frequently and vary based on your loan term, credit history and mortgage type. But Rocket came through and had the lowest rate I could get for a 30yr fixed.” While the market plays a huge role in what current rates are, one Virginia customer felt they got a good deal: “Times were looking bleak with the market noticed looking great and rates going up. Many reviewers said they got a good rate on either their home purchase or refinance. For reference, the national average across that period was 2.96%, according to Freddie Mac. This rate information is generally updated daily, but for the most accurate rates based on your individual situation, you should contact Rocket Mortgage for a customized quote.ĭisclosures from Rocket Mortgage indicate that its rates for 30-year fixed-rate mortgages ranged from 2.625% to 6.375% in 2021, averaging 2.93% overall - lower than the national average. Rocket Mortgage publishes its current mortgage rates for conventional, FHA, VA and jumbo loans on its website. I highly recommend going to somewhere else for your mortgage needs. Their words don't match what's on paper, please be careful. Words cannot explain how disappointed I feel. He eventually sent it, and there it was (what he didn't want us to see) a rate of 7.375% for a Discount Point of $13,939. He eventually, sent it after my husband got on the phone and told him we weren't going to pay for anything without seeing the loan estimate. He was very persistent that I needed to provide my credit card before he sends it of course I didn't. I repeatedly said I can't do that when I haven't seen a correct loan estimate and with the new rate he offered at no points. I asked him to see it in writing the problem was that he wanted me to give my credit card information so I can pay for the appraisal. I told Carl, and he counter offers with 7.375% with no points. I decided to inquire somewhere else for my mortgage and was able to get 7.5% with no points. When I questioned Carl (the next day) he spoke to me with an attitude and told me “it’s nothing, I changed it, it’s nothing!” with an aggressive tone.Īt this point, I already knew I did not want to do business with this company. Second, my offer was $590,000, we were giving 70,000 down payment. I eventually, understood that I would have to pay this price in order to get the rate of 7.75% (but when we spoke on the phone, the first time he never mentioned it). I called Michael and asked him what this charge was from, he was ‘beating around the bush’ with his responses. I notice a section that reads Discount Points $5,974. He sends me the loan estimate in which I am expected to acknowledge and sign the disclosure. I decide to go with 7.75% (he never stated this comes with a price). Michael stated to me that the current rate was 7.75% and he explained that if I wanted a lower rate such as 7.375% or 7.125% it will cost me X amount. Carl was off and now I was talking to Michael (didn't catch his last name). On this day, I wanted to lock in my rate since I had found a home.
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