When you see an advertised mortgage rate, it's based on a generic, hypothetical home buyer that almost doesn't exist in real-life.
Mortgage rates are complicated.
They're the output from a formula. The answer to an equation with a dozen plus inputs so - because of that - know that whenever you see rates advertised online or on TV or sent your email inbox, you probably won't get that advertised rate.
For two reasons.
One, mortgage rates are time-dependent and that ad wasn’t written in real-time. And, two, because those rates you see in they ad are generic. And you are not.
It’s right there in the literal fine print - you’ll see those rates aren’t for you.
Those rates assume you're buying a home, not refinancing one.
They assume you're making a twenty-percent downpayment.
They assume your credit is impeccable.
That you're buying a house, and not a condo or multi-unit. That your closing is no more than 30 days away. That your loan size will be $200,000 dollars. That you're using a 30 year fixed-rate mortgage.
That you're paying some pre-determined amount of closing costs, and the list goes on.
Which is why those mortgage rates you see in ads - they’re not really real. They're averaged out numbers for a made-up person buying a made-up home in some state that’s never quote disclosed. T
o get an actual advertised rate, drop us a note in the chat. We're here to help! Happy homebuying.