1st Advantage Mortgage is a licensed mortgage broker and lender in Charlotte, NC. If you are asking how to get the lowest mortgage rate, the honest answer is that no single mortgage lender has one rate for everybody, and as a broker we put the same file in front of several and let them compete.
This page has no rate figures on it, deliberately. Rates change daily and any number printed here would be wrong by the time you read it. What does not change is the list of things that decide your rate, and what you can do about each one.
1. Your credit score
Credit is the single largest lever you control. Pricing improves in bands rather than smoothly, so moving from one band to the next is worth more than drifting a few points inside one. Conventional loans typically require a 620 credit score, and the strongest pricing is usually available at 740 and above.
Before you apply: pay balances below 30% of each limit, do not close old accounts, and do not open anything new. If you are close to a band, a rapid rescore after paying a balance down can move you up in days rather than months. Ask your officer to run it before you lock rather than after.
2. Your down payment and loan-to-value
Lower loan-to-value usually prices better, and the thresholds matter more than the smooth curve. On conventional loans, reaching 20% equity removes private mortgage insurance altogether, which often changes the monthly payment more than the rate itself does.
3. Points, and whether they are worth it
A point is a fee paid at closing to buy the rate down. Whether it pays depends entirely on how long you keep the loan: divide what the points cost by the monthly saving and you get the number of months to break even. If you expect to move or refinance before that month, paying points loses money. We show the quote with and without so the tradeoff is visible rather than assumed.
4. When you lock
A lock holds your rate for a set number of days, and longer locks cost more. Lock too early on a long build and you pay for time you do not need; lock too late and you are exposed in the final week. The right answer is tied to your closing date, so we set it at contract and watch it rather than leaving it to chance.
5. The loan type, and the term
Government programs, conventional, jumbo and non-QM all price differently, and the cheapest rate is not always the cheapest loan. FHA can carry a lower rate and still cost more over time because of mortgage insurance. A 15-year term prices below a 30-year but the payment is higher. Compare the total cost over the years you expect to keep the house, not the headline number.
6. How many lenders see your file
One institution can only offer you its own product. A broker sends the same file to multiple wholesale lenders, and because their guidelines and pricing differ, the same borrower gets different answers. That is the whole reason this company holds both licenses.
Shopping does not damage your credit the way people fear. Mortgage inquiries made inside a short shopping window count as one inquiry for scoring purposes.
What to compare, and how
Compare Loan Estimates, not quoted rates. The Loan Estimate is the only document that shows the fees next to the rate, on a form every lender has to use, which is what makes two offers comparable. A rate quoted over the phone with the fees left out is not a number you can act on.
For a current quote on your file, speak to a licensed loan officer. Rates change daily.