“Why Isn’t My Rate the Same as I Saw Online?”

This is probably the most common question I get as a mortgage broker—“Why isn’t my rate the same as the one I saw online?”

It’s a totally fair question. With sites like RateHub and others advertising super-low rates, it’s easy to assume that’s what you’ll get, too. But here’s the catch: most of those advertised rates are insured mortgage rates, meaning they only apply if you’re putting less than 20% down, or you had less than 20% down when you purchased and you have not refinanced since.

The reason that insured mortgages get lower rates is because they are lower risk to the lender; if you don’t pay your mortgage the insurers protects the lender that lent you the money. It’s counter intuitive because you would think people with a higher down payment would be less risky that those without such a large down payment.

So, if you’re putting more than 20% down or you are refinancing, those rates likely don’t apply to you. Your income and credit also impact the rate you are given.

This is why I ask a few questions before quoting a rate—not to stall, dodge the question, or make things more complicated, but to ensure I’m giving you the most accurate info for your situation.

Let me share a quick story. I had a client who didn’t want to send over any documents or let me pull their credit. They just wanted to know the lowest possible rate. I gave them a general ballpark based on what they told me. But later, once I pulled their credit, their score didn’t qualify for the program we discussed. It looked like I was backtracking—but really, I just didn’t have all the info up front.

Mortgage rates aren’t one-size-fits-all. They depend on your down payment, credit score, amortization, and other factors. If you’re serious about finding the best mortgage solution, let’s connect and make sure the rate you’re seeing is one you can actually lock in.