Rate Quotes

If It Sounds Too Good To Be True…

It’s not uncommon to see advertised mortgage rates well OUT of line with reality.
A rate sheet or advertisement might look something like this:

Whether the advertised options will be available for your transaction depends on too many variables to make the rates accurate. Chances are that some—if not all—of the following criteria will be considered before a “real” rate quote is offered:

Loan Parameters
Loan Size/Amount
Loan Types:
Amortized/Interest Only
Cash Out or Rate & Term
Closing Date/Lock Duration
Documentation Type:
Full Doc or Alternative
Stated or No-Income

Income Parameters
Housing Ratios / Debt Ratios
Time in Position
Time in Career
Type of Earnings:
Salaried or Self-Employed
Seasonal vs. Steady
Social Security
Alimony/Child Support
Rental Income

Property Parameters
Type of Property:
Market Status:
Appreciating or Declining
Repairs Needed
Wells, Septic, etc.
Second Home

Bond & MBS Markets
Rates are ever changing.

Credit Parameters
Credit Scores / Inquiries
Late Payments
Collection Accounts
Tax or other Liens
Bankruptcy / Foreclosure
Short Sale / Deed in Lieu

Asset Parameters
Semi or Non-Liquid
Own Funds
Gift or Grant
Borrowed Funds
Seasoned or Un-Seasoned
Cash or On Deposit

As you can see, many factors impact your interest rate. When things are not black and white, a quote can prove unreliable until a credit check, a property appraisal, title search and even thorough underwriting of your application have occurred.

The good news is that this is what we do every day, and I will be happy to assist you through the process. Together, we will prevent unpleasant surprises and discover what is really available for your unique situation.


“Chad Baker is THE BEST, most professional, understanding, HONEST person I’ve ever worked in the mortgage industry. He knows exactly what he’s talking about, will never promise something he can’t deliver, and will bend over backwards to get you what you need. I had a very unique problem qualifying and every other mortgage company I worked with assured me from the beginning that they could get me financed, and then it would all fall apart once we hit underwriting. Chad understood my circumstance from the beginning and patiently explained every step of the way. I can’t thank you enough Chad! Juliann has been great keeping me updated and making sure that everything comes together in a timely fashion. She also appreciates my sense of humor, which gives personality to a boring funding process. Thanks Juliann! I HIGHLY recommend Home Point and if I ever buy another home, will absolutely use them again.”

Thank you Chad and Team

Chad and his team have been a pleasure to work with. I’m a 3rd time home owner. Wish I had known Chad and team a lot sooner. He made my 3rd home purchase very easy. There were a lot of moving pieces and they handled with professionalism and care. Juliann was a pleasure to work with too. The whole team made it possible for us to move into our dream home. Thanks you Chad and Team!

Chad Baker and his team are amazing!

My husband and I found Chad through an article he had written. Every aspect of working with Chad and his team was exceptional. From our initial phone call where he explained the many options we had, to advice he gave in dealing with somewhat challenging sellers, and closing our loan ahead of schedule, the loan process with Chad and his team went very smoothly. I especially appreciated the one-on one guidance from Juliann, who really made me feel like I was her only client. I look forward to working with Chad and his team again and would highly recommend them to anyone looking for a mortgage.

I hope you enjoyed reading this article. It's my goal to keep you updated with the latest real estate mortgage news. I'm proud to provide you with 100% original and unique content. Subscribe now to get high quality real estate mortgage content and articles delivered directly to your inbox. Chad Baker is Regional Manager for Cross Country Mortgage. Chad is consistently recognized in the top 1% of mortgage originators in the United States 2011-2019. Got a question for Chad? Call (858) 353-8331 or submit your question online