Why would we link to our competitors mortgage rates?
Are we crazy? Just trying to throw away business? No, it's neither of those. We believe in transparency. We also know that over 95% of the time we can beat these rates. We believe a well informed borrower is our best customer.
Where will you find the best mortgage rates of 2021?
Well that depends on a few things:
Which mortgage program you are applying for?
Loan amounts below $510,400 nationwide and higher in certain metro areas. For example in Los Angeles conventional loan limits go up to $765,600. Conventional loans normally have the best mortgage rates available with the exception of VA loans.
Any loan greater than the above conventional loan limits. Your rate will usually be 1/4 to 1/2 point higher than a conventional loan with a lower loan amount.
Any loan backed by the Federal Housing Authority. These are usually homebuyer loans with low down payments.
Home loans for veterans and their families. VA loans usually have a lower rate than conventional loans. VA Loans usually have some of the best mortgage rates available.
There are also different loan terms, such as a 10 or 15 year fixed that have great mortgage rates that are usually lower than a conventional 30 year fixed rate loan.
Adjustable rate mortgages are still available with low rates but they are not necessarily the best mortgage rate and may not be worth the risk.
Other Factors to consider:
In addition to the above loan programs the key factor that will determine which lender is right for you will be your debt ratio and credit score. Some lenders will be OK with a higher ratio, up to 60% for example without increasing your rate. While another lender may have a cap on their debt ratio of 50% meaning you may not get approved. Credit scores play a big role as well, some lenders will still have great rates for FICO scores at 680 and above while other lenders may reserver their best rates for borrowers with FICO scores of 720 or even 800.