I have seen advertisements for extremely low rates, yet when I call for that particular rate, I am always turned down. Do you know why?

Interest rates are determined by several criteria; among which are your credit score, your debt to income ratios (how much you owe vs how much you make), how much you are trying to borrow, and are you taking cash out to consolidate debt. When any of these, along with other factors, are taken into consideration, your interest rate will change. The really attractive rates are available for those individuals who do not go into any of the categories that would cause what is known as a “hit” to your rate. Ask your FSI Mortgage Specialist to check these things out for you first so that you get a clear picture of your actual rate, and not a “teaser” quote!

With the newly implemented mortgage regulations, you should ask for an official Loan Estimate* before choosing a loan. Your actual rate, payment and costs could be higher than the advertisement states. You are encouraged to obtain a Loan Estimate to provide a clear choice of loan options.

*The Loan Estimate is similar to what a Good Faith Estimate (which is no longer used) provided as fees and costs for your loan.