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Everyone is rate conscious.  It is a given.  We have never had a client call looking for a high interest rate.  To this end we make a firm commitment at Valley Mortgage Company to quote rates accurately as delivered by the lenders.  Here's how it works.  Be forewarned:  if a rate sounds too good to be true 
then it probably is too good to be true.  

"Bob chose an interest only adjustable rate loan where the rate changes every six months and has lifetime cap of 11%.  In addition, he paid 2 points at closing to buy down the rate.  Maybe this made sense for Bob.  Maybe not.



We do not control the rates.  Rates are delivered to us daily by the lenders.  In a volatile market these rates can fluctuate daily or even several times each day.  Sometimes the market remains flat and rates barely fluctuate for weeks.  We watch the market closely and work to anticipate these changes for better or worse, but the process is speculative. If we could predict the future with absolute certainty we all would be very rich.



Rates vary according to whether a loan program is fixed, variable, conventional, conforming, non-conforming, single family, multi-family, mixed use, A-credit or hard money.   Knowing what you buy and what program or product fits your needs allows us to give you responsible and accurate information about a rate.



Typically, we quote to you rates based on no points - a zero point loan. You always have the option to pay points to buy down the rate, but you should not assume that you will realize savings over time with a lower rate simply by paying points.



When to lock your rate is your call.  We will not lock your rate without your permission and participation.  During the mortgage process we will keep you apprised of rate changes, current trends, and predictors impacting the market.   However, when you lock, we will insist that you lock for a period that corresponds with your closing date.  For example, you should not utilize a short lock period of ten or fifteen days when you do not anticipate closing for another month.  If your lock expires the lender generally will re-price your loan on the day of the lock expiration.  Sometimes can we secure a rate extension for which the lender will charge a fee.

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