Our Rates

A quick note about our rates.

It is the policy of River City Mortgage & Financial NOT to quote interest rates online, through advertising vehicle or in printed material such as newspapers. It is our belief that quoting through these channels is unfair to our customers for the following reasons:

• We are in a world economy and interest rate fluctuations occur around the clock. Interest rates are changing ever second of the day and unless you communicate with a loan officer and get information at that moment in time, you could be making a poor decision.
• Quoting interest rates when you can’t lock (after hours) is not in your best interest.
• Most lenders as well as River City Mortgage & Financial change their pricing throughout the day. Chances are you are not looking at the current interest rates.
• Will your house be finished in time? Do you need to sell the home that you are currently in? Will your closing happen during the lock period?

Why do lenders quote interest rates in these types of media then?

TO GET YOUR ATTENTION!

Will you get the rate quoted, possibly? Since most printed material is done in advance, the lenders have no idea where the rates will be on the day that the interest rates are publicized. If you read the small print, it normally states that “interest rates are subject to change without notice”. Therefore, a lender could advertise any rate that they thought would get your attention and if rates change, you would be subject to the change in interest rates.

Although nobody knows where rates are going, it is important that you work with a loan officer that can educate you about what affects rates, keeps you up to date with current rates and events and is reachable when you decide to make a decision.