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Know Why One Rate Is Better Than Another



As an Idaho homeowner, you want to get the very best deal on your mortgage, right? Of course you do. But the marketplace can be terribly confusing and everybody claims to be able to get you the best interest rate. So let me describe exactly how our exclusive Strategic Mortgage is different than anything else available, and how it benefits you.

First of all, there are many factors involved in getting you the best deal on your home mortgage. Most banks don’t have the training or the tools necessary to do this process right. Its actually quite an involved process to truly get the best overall deal and that is why banks commonly focus on interest rate only, and they don’t consider other important factors.

At Source Mortgage, we have a proprietary loan process with 3 simple steps that we handle for you. First we go through a unique discovery process that allows us to custom tailor a program for your own goals. Second, we match your profile with the greatest number of lending programs available that most loan officers don’t even have access to. And third, we process all of this data through our own proprietary system which allows us to find you the 3 best loan options. You see, a real person with years of experience does a lot of analyzing on your program to ensure that your 3 best loan options are prepared and presented. You then have the option of reviewing and discussing these 3 options with your loan officer so you can make the most informed decision possible. Additionally, we will always share with you our professional advice and give you an experienced recommendation.

You can apply online for a Strategic Mortgage for FREE by clicking on the link on this website. Or you can simply call to speak with a strategic mortgage specialist. And be sure to watch the other educational videos that we’ve provided for you here at 3rates.com.

You have already been pre-qualified, right?  So, why is it important to get RE-pre-qualified?

I will tell you.

First, let me explain why the pre-qualification is important and what it means to you.   The pre-qualification says that with interest rates as they are ‘today’ and with your credit score as it is ‘today’ you would be able to purchase a home for ‘this’ dollar amount.  This helps you have a ballpark idea of how much house you can purchase given the scenarios at this time.  What it does not do is guarantee nor lock in an interest rate.  Since rates are not consistent, changing numerous times a week, even several times a day, there is a chance that a rising interest rate could lower the dollar amount you qualify for.   Likewise, a lowering interest rate might mean you can buy more house than you thought (it’s not always bad news!).

In addition, each home has different property taxes and some have Homeowner’s Association dues required, which could affect your total monthly payment.  When you find your dream home and want to put in an offer, it is crucial that you talk to a mortgage Loan Officer to get re-pre-qualified for that specific home at current interest rates.  You don’t want to lose out on any earnest money or waste your time looking at homes that could have a higher monthly payment than you are comfortable with due to rates, property taxes or association dues not considered in your pre-approval.

So, pre-approvals are important before finding your dream home.  Likewise, it’s important to have a qualified and Licensed Mortgage Loan Officer to get re-pre-qualified to make sure you still qualify for that dream home once you have found it.

If you have questions about getting pre-qualified or re-pre-qualified please feel free to give me a call at Source Mortgage at 208-938-2228 or visit our website at www.3rates.com.