rates listed here vs bank website

[Anonymous]

This may sound stupid..... but here goes anyway....So I have been checking the mortgage rates on the website here for my state and have been checking the bank websites and bankrate also... everywhere except myfico lists a stationery number...

When I apply for a mortgage is that when they offer the apr based on score as myfico site suggests... or are bank listed aprs set in stone if you meet the minimum criteria? 

[Anonymous]

Any pulished rates are somewhat of a crapshoot.  Until you have a application in front of a lender, you ar enot going to now what the rate is.  At that point (when they pre-approve you), they will give you the option to lock the rate where it is at right then, or to wait on th ehopes that at some point it goes down some (but you are risking that it goes up)

[Anonymous]

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tresa03 wrote: .

When I apply for a mortgage is that when they offer the apr based on score as myfico site suggests... or are bank listed aprs set in stone if you meet the minimum criteria? 

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It depends on the loan program you use.  Conventional rates tend to vary more by score than FHA rates.  Not sure about others like USDA and VA.  But yeah, don't count on set in stone until you lock

[Anonymous]

Thanks.  I was referring more to programs like FHA or SONYMA. The SONYMA website listed 5.25 as did the bank websites.  FHA rates were the same right now listed as 5.25 in my state (NY)

[DallasLoanGuy]

Over 620 score, everyone gets the same rate on FHA

 I don't know SONYMA

Message Edited by DallasLoanGuy on 08-26-2009 01:15 PM

[Anonymous]

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@Anonymous wrote:
Thanks.  I was referring more to programs like FHA or SONYMA. The SONYMA website listed 5.25 as did the bank websites.  FHA rates were the same right now listed as 5.25 in my state (NY)

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Sonyma is very similar to fha except it has some better options. With sonyma your getting a regular conventional mortgage so once you reach your 78-80% value your no longer required to pay pmi insurance where as fha your locked in for atleast 5 years I believe. Also for a extra .25% on your rate you can get closing costs assistance I believe up to $5,000. If you have a good size downpayment and want to put most if not all of it down on the house go with sonyma

[Anonymous]

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@Anonymous wrote:

Sonyma is very similar to fha except it has some better options. With sonyma your getting a regular conventional mortgage so once you reach your 78-80% value your no longer required to pay pmi insurance where as fha your locked in for atleast 5 years I believe. Also for a extra .25% on your rate you can get closing costs assistance I believe up to $5,000. If you have a good size downpayment and want to put most if not all of it down on the house go with sonyma

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If you live in New York, that is. SONYMA = State Of New York Mortgage Agency