Since the death of Bin Laden, current mortgage rates for Santa Rosa remain under 4.75%!

For the last two weeks we have had a rally in current mortgage rates and you can now lock in the best mortgage since middle of 2010. Consumers are feeling stronger about the economy by pouring their money into the bond market. This phenomenon in the 15 days, coupled with the Fed’s commitment to buy mortgage bonds through the end of June means that consumers searching for home mortgages, can now lock in a competitive home mortgage rate on their loan. Consumers usually go online first just to see where current mortgage rates are for Santa Rosa. By doing comparative mortgage shopping, consumers can get a realistic range of of the local marketplace.

Here are current mortgage rates for Santa Rosa for using conventional financing:

30 Year Fixed 4.625%/4.679 APR
15 Year Fixed 4.125%/4.187 APR
5/1 ARM 3.75%/3.821 APR’
30 Year Fixed FHA 4.375%/APR 4.423

The Internet provides a terrific resource for folks looking for home loans. Use Google, or whatever search engine you use and see what is available from your local home mortgage bank. You’ll likely find that most mortgage lenders are usually similar to one and other with a small changes between rates and costs. For example you might find a lender offering a home mortgage rate on a 30 year fixed at 4.75% with zero points vs. another home mortgage bank who might be offering a 30 year fixed rate mortgage at 4.5% with 1/2 a point. You will notice for the extra upfront overhead you can secure a lower rate of interest on your loan. This will be beneficial if you can break even by the monthly savings generated by taking the lower rate of interest within 3 to 4 years. It certainly will make an impact in your monthly finances especially if you are going to live in the property or need the money for that matter time or longer. If you are looking for more of a short-term basis it might behoove you to consider doing a zero points loan and getting financing through the other home mortgage bank.

When you are searching for current mortgage rates for Santa Rosa, be aware of any home mortgage bank where the offer is too good to be true.

This is extremely important. This will depend on whether or not you are speaking with an actual home mortgage bank or you are speaking with a consumer lead aggregator like lending tree. Lending tree is not at bank neither is bank rate, these companies sell your information to the home mortgage bank, who is willing to pay the most for it. So it’s important to understand if you are being quoted current mortgage rates for Santa Rosa and they are way lower than all of the other competitors. There is always going to be bait and switch with internet folks. Lots of times Internet banks, will quote current mortgage rates for Santa Rosa based on what’s called a 15 day loan lock. The other term for it is a 15 day mandatory delivery. This means the lender is quoting you interest rate that they can only lock in on once the loan is approved. This is much different than a 30 day loan lock where you can lock in the best mortgage. A 30 day loan lock can be done right up front before the loan is approved thus protecting you against interest rate fluctuation because your home mortgage rate is secured for you.

Conduct the research online, then use a local home mortgage bank to get current mortgage rates for Santa Rosa.

When you are doing your online shopping, see where current mortgage rates for Santa Rosa are then, use a local home mortgage bank to actually do your loan. This is a guaranteed way to get the best mortgage. When working with a loan professional it’s important that you work with somebody who is local, understands the marketplace and is available to either meet in person or be readily accessible. Taking out a mortgage is a huge financial transaction and should be done with somebody who is a true professional. Beyond that, you need to make sure you feel comfortable giving your Social Security number to somebody thousands of miles away online.

Current mortgage rates for Santa Rosa can always be found here. Ultimately the best source for the most accurate depiction of current mortgage rates is Freddie Mac. This is because all loans are sold in the secondary market otherwise known as Wall Street. There’s a handful of portfolio lenders in the United States, everything else is sold in the secondary market. This means that all mortgage lenders have access to the same interest rates, the same lock time frames, 15, 30, and 45 days, and the same underwriting standards. In other words it’s very unlikely an Internet lender is going to be able to ethically offer a lower-cost mortgage then a local home mortgage bank when quoting current mortgage rates for Santa Rosa.
If you are searching for a competitive home mortgage rate and want nothing but the best mortgage, call Scott Sheldon. Scott is a six-year mortgage loan originator and works for a local home mortgage bank. Scott will give you current mortgage rates for Santa Rosa.