Are Advertised Mortgage Interest Rates Real?
Have you ever wondered if advertised interest rates or mortgage rates are real? I've seen ads, commercials, and heard radio messages of a 1.99% or 2.25% interest rate. What's the catch? Are those advertised Mortgage Rates real? Yes and no.
Are the rates real? Yes.
Do you qualify for those rates/APR's? Most likely not. Your loan must fit into a specific box.
Is there fine-print? Yes - they typically contain multiple requirements (e.g.- 60% or less loan-to-value, loan amount range, FICO & county requirement, etc.).
Do they come along with hefty cost? Most of the time - if you check the fine-print it normally discloses terms, point cost, etc.
Watch this short video I made to gain more knowledge and education of what you hear vs. what is the going market rate. It's 2021 and a great time to learn! Feel free to call or email me with any questions, as always.