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Yeah, I JUST bought a house in Miami.
Rates are based on your credit score, your income, your bank accounts and holdings (stocks, etc.) your debts (credit card, other mortgages etc.). ALSO!! If you SHOW your income you get a certain rate, and if you do "STATED INCOME" where NO records of income are shown but just STATED BY YOU, you get another rate. It ALL depends. First time buyers get certain rates, 2nd, third time get others, how much ACTUAL debt you got into over the years (and the NUMBER OF YEARS) and how much you PAID OFF, partial or complete, ALL TALLY INTO YOUR RATE. Stated rates in the newspapers are on all those factors being in the FAVORABLE category for EACH INDIVIDUAL LENDER. Histoically 6.25 fixed 30 year is low. Higher though than a few months ago but rates have been fluxuating and are going up. Be HAPPY with what you got, because THAT IS WHAT YOU GOT!!
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