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What are the reasons rates could be different? am i being discrimnated against?

I was wondering why rates could be different from borrow to borrower with the same lender? I know the credit score and stuff affect the rate they can offer, but how do I know that the rate he is inflated due to those circumstances. have been working with a lender refereed to be by a friend. Basically the lender and I had a small disagreement about one of his fees, the next week he said the rate would have to be higher than proposed before due to me being self employed and unable to provide proof of income statements for the past 2 years. does this sound normal? by randy928 from Los Angeles, California. Oct 22nd 2010 Reply


PETER KOUROPOULOS (peterkouros@yahoo.com)
#324 ranked lender in California - 3 contributions

Basically the lenders could do what they want to do and in the end you'll never get the true rate that you deserve. Your best bet to go into one of the large banks Bank of America and Wells Fargo through the retail department because there rates are set in stone and cannot be modified for anything other than standard guidelines.the way you at least know that you getting a fair shake in the I getting three or four processing fees and careers were funding please because her broker listing broker who broker . Again I hope this will helps you in regaining control of your deal if you find that you need a realtor that has access to rehab loans rates as low as 3.875% 30 year fixed 0.0 fee2s. Since the only way I can get caught and compensated in a transaction is acting as a realtor for referring realtor please understand why I ask him to at least allow me a chance to be referring realtor if you already have one leg and a small commission to close for putting together all of financing package needed for rehab 1 to 4.Best regards Peter KouropoulosBay AreHome Buyerer Agency (BAHBA)Home Quest Realty.415-680-0811

Oct 23rd 2010
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Carl Ashton (cashton)
#83 ranked lender in Florida - 67 contributions

What effects rate are - credit score, type of property and type of loan. Rates are pretty standard. I disagree with Peter, Big Banks are much much more expensive in fees and rates than small lenders as OVERHEAD is the largest cost for a big bank. I get gfe's from borrowers all the time and the big banks are 2-3 % more in fees for most cases and are very much more stringent in lending guidelines and also arent very good with low down programs or govt programs. Rate is usually effected by a low score or the lender wants to make more profit. We adjust the rate mostly by adding points not changing the current rate. If you want a lower rate you simply pick the rate you want for the payment you want and we add in points to reduce the rate. Dont search the interenet for teaser rates as they only fit into for the most part 850+ impossible credit scores to attain. Carl Ashton Mortgage Banker Brightgreen Home Loans 1605A Prosperity Farms RdLake Park Florida 33403Phone: 561-210-3000Fax: 561-624-1764cashton@bghloans.comHope this helps

Oct 24th 2010
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Randie Schwab (HeartlandHomeLoans)
#12 ranked lender in Minnesota - 9 contributions

Don't have tunnel vision when you look for a mortgage, shop around and ask questions. Make sure to compare interest rate along with closing cost. Some lenders can raise the closing cost to lower the rate, or lower the closing cost and raise the rate. Also, get fees and estimated rate in writing............

Oct 25th 2010
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