Q: I’m buying a house right now, and I have a mortgage broker I really like. But I keep seeing advertisements that say the going interest rate is 5 percent. My mortgage broker keeps quoting me 5.5 percent, though. I do trust her, as she has worked for my parents and siblings for many years, but is that legitimate?

A: Go back to those mortgage adverts that piqued your interest. Scroll down — see all that fine print? Dollars to doughnuts says that’s where you’ll find the reason that teaser rate is so low, when your family’s trusty mortgage pro says the rate you qualify for is actually a half-point higher.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top