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What interest rate will I get?

This is probably the most common question we get asked and probably one of the hardest to answer.  The most concise response would probably be "well, it depends."  The reason for this is first of all, we are a mortgage brokerage and we work with a little over 30 different lenders in Oregon and Washington.  Each lender has their own range of rates available, with their own criteria for pricing those rates, and they're different for each product that they offer.

After we understand your situation and your goals, we'll be able to advise you on product, term, and lender options.  From there, we'll have a range of rates and costs available to choose from.  Lower rates are more expensive and higher rates are less expensive.  If you go with a high enough rate, you'd actually get a credit back to you that can be applied toward any other costs on the loan.  This is how no cost loans are structured.  Most of the time on purchase transactions, borrowers elect to go with the "par rate", which is the lowest rate available to them that doesn't cost anything to get.  Any lower in rate would incur additional costs (points) and any higher would result in a credit back to them (rebate).  This is typically done to alleviate any unnecessary out of pocket expense.  For refinance transactions however, any cost involved is usually rolled into the loan, so borrowers are more inclined to choose a lower rate that costs more so that their monthly payments are lower and they ultimately pay less over the life of the loan.  Regardless of what is most popular, we'll help you understand the nuances of each of your options and allow you to decide which rate and cost option you'd like.

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