One of the most common questions we receive from prospective homebuyers is, “What mortgage rates will I get and what are the rate today?”
Using Instant Live Rate Tool
As we always tell people who ask this question, the specific answer depends on individual factors such as the type of loan and your credit score. But one of those factors is market rates at the time you apply for a home loan. We have a Live Rates Tool that allows you to check on our lowest Blue Square Mortgage rates at any time in Washington and Colorado. You can also sign up for regular rate updates based on the scenario you chose. As you will discover, it also offers other benefits that go beyond keeping up with the rates. Here is how to use it.
- Click above to visit the Live Rates Tool on our website.
- Click on either “Purchase” or “Refinance” at the top of the tool to select your loan purpose.
- Enter in your information, including your zip code, purchase price, down payment amount, credit score, property type, property usage, loan type and whether you are eligible for a lower rate.
- At this stage, you probably are not 100% sure what some of these will be, but you can take your best guess.
- Click on the blue button that says “Update Rates” once you are done selecting your options.
- Directly below, you will see the Featured rates. But you can click on the tabs to the right of “Featured” to show the rates for specific types of loans (i.e. 30yr fixed or 7y/6m ARM).
It is that simple!
What You Can Do With Our Live Rates Tool
Now that you know how to use this tool, let’s talk about what it can show you. The most obvious use for the Live Rates Tool is to check the current rates and keep an eye on them over time. But that is not the only way you can use this tool. Another way you can use the tool is to see how changes in your scenario could impact your rates. In this way, it functions as an interactive educational tool, increasingly your understanding of how a mortgage will fit into the broader financial picture of your life. For example, you can try putting in a higher credit score to see the effect that raising your score could have. Or you could put in a lower or higher down payment amount to see how your rates move up or down as a result. You can also compare your prospective rates with different loan types to try and figure out which type of loan will save you the most money on interest. Of course, it is important to be aware that this Live Rates Tool is only providing you with a preview of your possible rates. Remember, between now and when you apply for your mortgage, the situation may change. Regardless, just spending a few minutes playing around with the Live Rates Tool can give you a lot of insights into what you can afford. Those insights may help guide you when you are choosing a lending product and deciding on the timing for your home purchase.
The Live Rates Tool is not the only tool we offer to make your life easier while you shop for a home. Find out about our other free online tools for homebuyers and homeowners.
Buy a Home Now and Save Money With Our Low Washington and Colorado Rates
Whatever your individual loan scenario, Blue Square Mortgage can connect you with competitive mortgage rates for home purchase or refinance anywhere in Washington State or Colorado. To get started, please call us today at (206) 352-6453 to schedule your mortgage consultation. Let’s get you into the home of your dreams.
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