Current Mortgage Rates in Ocala

The Lowest Rate Quote is Not Always the Best Deal…

Several years ago, mortgage interest rates were easy to quote and therefore easy to obtain.  As a consumer, you could look in the paper to see the interest rates for that day from every lender in Ocala and all conventional borrowers would receive the rate posted.  In today’s market it is much more difficult to accurately quote mortgage rates to our customers.  This is why you should be cautious when someone is happy to quote you a current mortgage interest rate without knowing much about you.

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Since the mortgage and housing crisis, conventional mortgages are now subject to risk based pricing.  This means that mortgage rates in Ocala will vary based on several factors.

1).           Credit:  Current mortgage interest rates can change significantly based on credit score. Typically anything below a 740 score will experience an increase in fees or rate or both.  If anyone quotes you a rate without an indication of your credit score, the rate quoted could be as much as 1% in error.  Mortgage Rates can even vary depending on the other debt you owe.

2).           Loan-to-Value: Mortgage rates will also vary based on the amount of down payment or equity in the home. If you plan to put down less than 20%, you may have an increase in rate as well as Private Mortgage Insurance.

3).           Loan Size:  Current mortgage interest rates will be adjusted if your loan amount is lower or higher than the margin set by the lender.

4).           Geographic Location: Where the home is located is also a factor in rate pricing in today’s market.  The rate and terms you receive in Ocala are not necessarily the same as other areas of the state or the country, so be careful  obtaining quotes from out-of-state lenders.

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So you can see, it is impossible to obtain an accurate mortgage rate quote and shop for the best deal without providing a considerable amount of information. In fact, with risk based pricing, the best overall rate and fees scenario for you may not even be a conventional loan. Landmark Mortgage Planners have the knowledge and experience to find the BEST mortgage program for you, ultimately saving you the most money.  Just like a knowledgeable and experienced plumber can save you BIG money in the long run, so can your mortgage professional! Learn more about what distinguishes our  professional mortgage planners from the rest.