NLIC.org

Priscilla Said:

I'm looking for a great mortgage rates in Sacramento, CA? Where should I look???

We Answered:

Anywhere in the US, I'd use bankrate.com. They have information for banks all over the country. You can also use the information there to leverage with other lenders. On my last home, my builder pushed me hard to use their lender, but their rate wasn't that great. I used what I found at bankrate.com to negotiate a rate 0.75% lower (a HUGE difference on a mortgage).

Dennis Said:

Anyone have experience with Quicken loans who offer great mortgage rates over the radio?

We Answered:

I work for Quicken Loans and I can assure you that the rates in our advertisements are not "bait and hook." In fact, we never offer rates that are ridiculously low (known as teaser rates, which usually last for a month or two and then jump up to normal rates).

I'm going to make an assumption that you aren't referring to "rates" at all, but I'm thinking that you are talking about low monthly payments. Such as "get a $150,000 loan for $450 a month."

My guess is you are referring to the ads for our Secure Advantage loan, which allows you payment flexibility (in other words, you pay how much you want to each month in a range from a minimum payment to however much you want to pay). For example, if your minimum payment is $450 a month, you can pay that amount or any higher amount you want to.

The more you pay, the less you owe on your mortgage. If you only make minimum payments, you are only paying a percentage of your monthly interest and the amount unpaid gets added to the principal of your loan.

It's pretty complicated to explain here and I would need a lot more space to really explain how it works, but it's not a bait and switch. Everything is up front and legit and in writing. There aren't going to be any surprises. Our customers who choose Secure Advantage are fully made aware of how the loan works and what happens depending on the amount you pay each month.

But, bringing this around full circle, the reason the amount in the advertisements seem so low is that they are the minimum amounts you could choose to pay each month. And the secure advantage offers a fixed-rate (getting back to your original questions about rates), for either 5 or 7 years.

I've added a link below to a page that gives more information about Secure Advantage.

I hope this answers your question. Quicken Loans doesn't get a 94% satisfaction score from it's customers by ripping them off. Seriously. We couldn't be where we are today (just had our best month ever in the history of the company), if we used tactics like bait and switch.

I do appreciate the question though. It allows me a chance to set the record straight. Good luck with your home loan.

Melanie Said:

Are large local banks less likely to give great mortgage rates to borrows with great credit scores?

We Answered:

You are best off securing a great mortgage from a Credit Union or a Community Bank.

Adam Said:

How will tomorrow's suspected rate cut affect mortgage rates?

We Answered:

The Fed rate is a short term bank loan rate. This does not directly affect Mortgage rates, but inflation does affect mortgage rates.