If it sounds too good it may be. Lehigh Valley 30 year conventional interest rates are around the 5% mark with FHA mortgages being around 5.5%.
With rates going down it may be easy to believe that you qualify for a lower interest rate. Interest rates are based on credit scores and debt ratios. A generic question such as "What are the rates?" doesn't mean much unless a full credit report is ordered and your complete finances are looked at by a Lehigh Valley Mortgage Professional.
In addition to credit scores and debt ratios, there may be costs included to "Buy-Down" the rate. Typically, these are known as Origination Fees or Points.
Make sure to ask for a GFE (Good Faith Estimate) for full disclosure of all of the closing costs as well as a breakdown of your mortgage payment and tax and home owner insurance escrows.
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