Interest rates are obviously the top concern on the mind of anyone looking for a home loan. If I had a penny for everytime someone asked me, “what are interest rates today?”, I would be able to buy an iPad2 when you adjust for inflation ;-)
However, there is so much that goes into determining mortgage rates that I hesitate to answer in everyday conversation.
If only I had a short video to explain why….oh wait, I do:
link to video for mobileInterest Rates: Specificity
Specificity is a cool word. It’s also a very important concept when talking about interest rates.
Like I said, people ask me all the time what interest rates are. I try to explain to them that when I put a quote together for one of my clients, I don’t just pull it out of thin air. It is the result of a lot of work based on specific information.
The reason I hesitate to answer this question with a number when somebody asks me is that I likely know nothing about their situation with regard to their income, employment, credit, assets, etc.
Given the premise that the interest rate on your home loan is a result of your situation, how can I give you any solid information without knowledge of circumstances?
By extension, this is precisely the reason you will not find any mention of interest rates here. In the absence of information about you, numbers posted in advertisements and on websites are useless.
Well, I shouldn’t say they are useless. The serve the purpose of getting you to contact the person advertising or posting them.
Speaking of calling (nice segue!), if you have any questions about interest rates or how home loans are priced, please feel free to contact me via any of the following channels:
- 503.799.4112
- Google+
- jason@mypmb.us
- Quick contact form
And of course, if you are in the area surrounding Portland, OR and Vancouver, WA well then:
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