Colony Title Associates

Mortgage Rates: Local Lenders Give Best Appraisals

Though we’re all culprits when it comes to shopping and purchasing items at national chains and big box shops, sometimes goods and services are better sourced locally. Farm fresh veggies from the field miles from your house are likely to taste better than those shipped in from the other side of the country. Buying furniture, clothes, or other wares from a local business boosts town economies, circulating money within the community and fostering employment. At Colony Title, we’ve seen that the trend to live local shouldn’t be cut short when it comes to real estate advice.

In the last couple of months, we’ve had an influx of clients come to us after seeking out the best rate for refinancing from out-of-state lenders sourced online. Though they made bold claims to offer the lowest possible rate for mortgages, their lack of knowledge about the location of the properties meant that their appraisals were often inaccurate. In one case, a property that was acquired for $600,000 just five years prior would not support an appraisal of $250,000. Another house, bought for $950,000 and then renovated and upgraded, wouldn’t support a new loan of $800,000. Why were there such discrepancies in the quotes from these lenders?

What the difference in appraisal comes down to is the lenders’ deficit of information about the local market and their general hesitancy to work through issues if there was a glaring disparity between their pricing assessment and the actual value of a property. When the borrowers converted to a local lender like the ones that Colony Title works with, they were able to get an accurate appraisal, approve their loans and close on the deal. The takeaway is this: claimed rates supposedly guaranteed by lenders aren’t the only means of choosing a lender. The associates at Colony Title are happy to work with you to help you find the lowest rate you can possibly obtain, making the borrowing process a simplified one.

Currently, rates in the area for conventional fixed mortgages are under 4.0%, while ARMs can be anywhere as low as 3% – sometimes even better. Jumbo loans are higher, but still available at attractive rates. Realtors in the Maryland area have agreed that we are at an all-time-low from a pricing standpoint – now is the time to invest!

At Colony Title, we can help you to find the best rates in real estate – we want to be your title company and real estate law firm.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410-884-1160 or visit ColonyTitle.com today!

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