Lowering Interest on Long Island Mortgages

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Everyone is rate conscious. It is a given. We haven't yet met a client who has asked for a high interest rate loan.

Here's how it works.

Rates are delivered to us daily by the lenders. In a volatile market the rates can change every day or even several times each day. Sometimes the market remains flat and rates barely or minimally 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. To this end we make a firm....very firm....commitment at Green Valley Mortgage to quote the rates accurately as delivered by the lenders. Generally, we find that our clients come to appreciate and depend upon our honesty, especially in a world of misinformation. Our experience tells us that if a competitor's deal sounds too good to be true, it probably is too good to be true.

When to lock your rate will always be your call.

During the mortgage process we will keep you apprised of rate changes and advise you of current trends and predictors impacting the market. However the decision and control will remain with you. 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. Only in some cases, can we secure a rate extension for which the lender will charge a fee.

Different loan programs have different interest rates.

The rate can vary according to whether the loan program is fixed, variable, conventional, conforming, non-conforming, single family, multi-family, mixed use, A-credit or Bad credit. Suffice it to say that many factors determine the rate, and we cannot give you responsible and accurate information about the price until we know what program or product fits your needs.
For each loan program the rate is based on either paying or not paying points. 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. There are many factors which we should consider together before making that decision

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