What is a Mortgage Relationship Rate?
A relationship rate is typically offered to existing customers as a way to keep your business with the lender. To give you an incentive the lender may offer a lower interest rate and/or assist in paying part of the closing costs.
Hopefully, you are in good standing with the lender so that they will want additional business from you. Either way, you will probably have to seek out the Relationship Rate and will most likely have to ask your mortgage consultant if they offer a lower rate for existing customers. The lender may require a certain level of assets in an existing account.
I had to transfer assets from a different bank in order to meet a certain asset level. As soon as they confirmed I meet the minimum, I was offered the lower rate. At that point, I locked my rate. After the closing, the rate is guaranteed per the terms of the loan no matter what asset level I maintained.
A single question to your mortgage consultant could lower your cost of homeownership.
About RatePlug
Founded in 2003, RatePlug has become the nation’s leading mortgage technology integrated into the MLS and is now available to 60 percent of all real estate agents and brokers in the U.S. — that’s more than 705,000 Realtors? nationwide. RatePlug educates buyers about affordability by providing crucial mortgage information at the beginning of their home search and helps connect them to local agents and loan officers. Homebuyers spend up to 6 minutes more viewing an MLS listing featuring RatePlug than one without. For loan officers, NAR research shows that 74% of homebuyers use the lender referred to by their REALTOR?. Most importantly, agents using RatePlug sell homes faster, experiencing 14% fewer Days on Market (from list to contract date) than agents who do not use RatePlug. Lenders, loan officers, real estate brokerages, agents and MLSs can learn more about Naperville, IL-based RatePlug at www.RatePlug.com.