The practice of quoting interest rates is a very touchy one at best. Most customers will call from bank to bank asking what the going rate is for the day. Yes, it is important to rate shop to make sure you are getting a fair deal but how can a financial institution or mortgage company quote an accurate rate without getting more information about the person asking? There are several factors that can affect a borrower's interest rate. Here are just a few:

• The amount of your down payment or equity in the property
• Occupancy type (ex. second home or investment property)
• The amount of loan (smaller loan sizes have slightly higher rates - it's true)
• The type of loan program you select (30/15 yr fixed, Adjustable rate, etc)
• Documentation type (whether you can fully document your income or not)
• Bankruptcy or past foreclosure
• Slow credit
• No credit or newly opened credit
• Other Credit issues

Everyone's credit and financial situation are as unique as their fingerprints. In order to properly indentify the interest rate you qualify for, the information needed to complete a loan application is required. Some online lenders make their websites look as if this is not the case. Anyone that tells you otherwise is not being honest with you. When you go to an online lender site such as ELOAN of Ditech, you are applying for a certain interest rate and loan program. Even if their system says that you are approved, it doesn't mean that you will be recieving the rate you applied for. Trust me, I have tried it myself to test the model.

If you would like an accurate rate quote, the process is easier than you think. Apply online, email me or call me today to initiate the process. I offer lower closing costs and rates than the big online lenders. Most borrowers receive pre-approvals in minutes, not days. Put me to the test. You'll be glad you did.

To learn more about wholesale interest rates and how mortgage brokers collect their fee, visit the "wholesale interest rates" page.