Back to Results

Tools

Partner Tools


lender said the rates on zillow are just teaser rates & are not accurate?

Profile picture for bfischer414
Is that true?  Today I saw the rates in the 5.4 to 5.2 range for wisconsin.  When I asked my lender he said that those aren't accurate.  He said with VA loans they are typically higher and at best I would only be able to get locked at 5.5.  Which would be fine but by the time I spoke to him he said it was now 5.75.  How can I check to see if this is true?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 18 - US
RSS

Answers (9)

It's not necessarily that they are teaser rates but the APR doesn't tell you the dollar amount cost of the loan. If they advertise it that rate is probably there but it also may cost a lot more as far as dollar amount then you expect after seeing a low APR associated with the low rate.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 23
Profile picture for JayDubb
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 177
Zillow All-Star

Since August 2009

Request VA rate quotes, for your loan scenario, on Zillow.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 21
You are going to be consistently frustrated if you shop/chase rates. As many have said, the current market volatility means that rates you get in the morning may well change by the afternoon. Once you "find a rate and then shop it", you will likely find that the rate is gone when you go back to lock...and that assumes that you can fill out the required paperwork so that the lender has a reasonable expectation of what you qualify for before rates change "yet again".

You will be better served by shopping the person, not the rates. Talk to several and compare notes about what they say - and about how upfront and helpful they are when you're "just shopping".

Once you find a person you have confidence in, then work with that person to determine what rate you need to make things work. They will know your personal situation and goals, and can work to secure you the rate you need.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 20
Profile picture for Bob Lowery
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 1664
Zillow All-Star

Since February 2009

"VA rates are typically a tad higher because certain "non-allowable" costs have to be absorbed by the lender."

This is not the case with all lenders, but may be with those that rely on lender fees as income... find a direct VA lender and you will be okay.

And, the rates you see on Zillow can have discount points in them, which lower the rate,  but increase the costs......so, look for those rates and points that meet your needs.

There are a few top lenders on Zillow that may be able to help you or fill out a Zillow request.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 19
Profile picture for Brian Brady
close Profile picture for Brian Brady

Brian Brady

Solana Beach, CA

Mortgage Lender

Lender rating

View ratings and reviews

Contributions: 101
VA rates are typically a tad higher because certain "non-allowable" costs have to be absorbed by the lender.  Still, I think you can confidently shop for a VA home loan on Zillow Mortgage Marketplace.  ZMM isn't "just a website"; it's a real-time mortgage marketplace

Submit a request, get some quotes, show them to your local lender and make him compete.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 19
Profile picture for Direct Lender
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 168
It depends who the lender is.
Your best bet would be to put in a loan request on Zillow.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 19
Profile picture for Martin Wareing
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 3632
bf,

Get a rate quote from your bank, any and all Lenders to compete:

1) On the same day with same rate (compare costs (line 800 items))
2) On the same day with same points (compare teh rate)

Make sure you trim out as many confusing variables as you can.  Your statements did not mention points or fees either.  The good news:  Your bank is not robbing you.. The bad news:  They are quarantined from all other lenders and their margins and simply usually have 1 VA source and they are "told" what to mark it up.  Private origination firms can make up their own margins higher or lower ( you are the judge).  Finally, find a VA LO in your state that offeres free solid advice on these help threads and call him/her.  They will help and are straight shooters.  Good luck.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 18
Profile picture for CFCU Home Loans
Contributions: 115
Zillow All-Star

Since June 2009

When dealing with website, such as zillow.com.  You have to be prepared for people to send you low and unrealistic quotes. 

Is the rate way lower than all of the other quotes?  If so, it's probably not accurate. 

Another cause may be the volatility of the market. For example we may be at 5% in the morning and at 5.5% by the afternoon.  Your lender's statement regarding the rate increase is most likely true.  We had about .25% increase in rates today.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 18
Profile picture for 203K Specialist
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 6825
Zillow All-Star

Since January 2009

The market is extremely volitile and he is not lieing about the rate increasing.  However, if you post a loan request the quotes you will get will include some low ball quotes but the majority of quotes are real rates.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 18
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Top Lenders
Ratings
Subscribe via RSS
  1. 5.0/5.0

    55 reviews
  2. 5.0/5.0

    88 reviews
  3. 5.0/5.0

    132 reviews
  4. 4.9/5.0

    56 reviews
  5. 4.7/5.0

    65 reviews
Related Questions
Question When you're already locked in on a rate & the rate drops, can I get that lower rate. 10days to close
  • Latest answer by Timothy Sutherland
  • 9 hours ago
Question Mortgage rates will go up or down?When you answer - please make a ref. of your previous post.
  • Latest answer by shapiroamg
  • 12 hours ago
Question Is there such a thing as a good Reverse Mortgage rate?
  • Latest answer by lifebeyondEarth
  • 3 days ago
Question 30 year Fixed Loan Rates
  • Latest answer by Rudi Hofmann
  • 4 days ago
Need a Mortgage?

Zillow Mortgage Marketplace

  • Competitive rates
  • Accurate, custom quotes
  • Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes
Estimated purchase price Current mortgage balance Desired loan amount
98104

Learn about Zillow Mortgage Marketplace

Zillow Poll:
Suggested by Lew Corcoran
What is holding you back from buying a home today?
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

pageName