What Rate Will You Qualify For? Interest Rates in May 2023
May 7, 2023 | Posted by: Sherry Corbitt
As a mortgage broker, I don’t post the rates on our website because too often people look at a rate that they are not qualified for. Mortgages have different categories depending on if they are purchases, refinances, switches/transfers (no changes, no new money at renewal), purchases with less than 20% down (called High Ratio), etc. It is definitely not ‘one-size fits all’.
With this in mind, a breakdown of APPROXIMATE rates as of today (consider this a snapshot – all based on 5-year fixed rates to give you an idea):
1) Purchase with less than 20% down: 4.49%
2) Purchase with more than 35% down and a maximum 25-year amortization: 4.49%
3) Switch/Transfer – no new money, no change to amortization (25 years or less) no name changes, and property value under $1M: 4.49%
4) Refinancing (up to 30-year amortization) 4.99%
5) Purchase (up to 30-year amortization): 4.99%
These rates above are what we consider ‘fully privileged mortgages’ meaning that you can port, increase, sell, etc without a stipulation saying you can’t or will have an increased penalty due to that. Some lenders advertise mortgage rates that I would NEVER put a friend, family, or client in; there are too many ‘what ifs’ should life change before the end of the term.
Overall, there are 101 factors to determine what is the best rate for you and your needs. Rate is just one line (though I do appreciate it is an important line!) of a 5+ page document, which we need to look at all the features of the mortgage. If you want to learn more about mortgage products that will be suitable for you, please reach out!
Your Broker for Life,
Sherry Corbitt
