How often do interest rates change?
Interest rates change regularly with the fluctuation of the market. The interest rates we quote you on the site are good for two hours. If a quote expires, you will be prompted to resubmit to receive an updated quote. Of course, once you lock or protect your rate, it will not increase as long as you close and fund your loan on or before the rate expiration date.
How can I customize my rate?
Once you submit, we will recommend a loan program for you. This program will be associated with a specific interest rate and possibly with points. If you’d like, you will have the ability to customize this rate. You can add or subtract points and see how this changes your rate and monthly payment. You also may have the opportunity to roll your closing costs into either your loan amount or interest rate. Once you select the program that best fits your financial objectives you will be presented with different rate options. An interest rate is not locked until you request to lock the rate and submit.
When should I start shopping for a mortgage and how do I know what I can afford?
The best time to look for a mortgage is before you look for a house. This way you’ll know exactly the amount of money you can borrow. You can use the calculators on this site to help you determine these numbers as well as your estimated monthly payments. Get pre-approved for a mortgage before shopping for a home and you’ll maximize your negotiating power. It’s free and will take only a matter of minutes to get a decision, and there’s no obligation until you want to reserve your funds.
What factors go into determining my personalized rate?
We evaluate your credit history and reward your good credit with a better rate. We also take into account your loan to value or LTV, as well as your income, your assets, the purpose of the loan and how you intend to occupy the property. Naturally, all of this is impacted by the current market conditions.
Can I lock in a loan program and interest rate online?
Absolutely! Simply complete the home loan process, choose your program, and you’ll be one click away from locking your rate. Once you have chosen your rate lock option you will need to reserve funds with a $350.00 NONREFUNDABLE fee (charged to a credit card) and SUBMIT! No need to call. No need to wait for someone to call you. You are in control! Just another feature that sets Coldwell Banker Mortgage apart from other online mortgage programs.
Once I have selected a program, what are my rate options?
You will be presented with rate options that are applicable to your loan purpose, closing date and qualification. The possible options are listed below.