This is the number one question I get all the time and though we strive to be the most competitive in the market place, to find this out please be prepared to answer a few questions including.
(1) Is it a purchase ...or refi?
(2) What is the 'LTV' or loan to value? This makes a big difference when pricing as a home with 40% equity receives a better price than a similar one with 10% (which also will require mortgage insurance)
(3) What is the loan amount? Though we do accept lower loan amounts ($40,000 min) generally you will find they come at a higher rate than a $100,000-$400,000 loan. This is because of the way the pricing models are set up by Secondary ie Fannie/Freddie, FHA etc. a lower loan amount is less profitable even though it requires the same amount of servicing.
(4) Is it a Primary, Second Home or Investment Property? Though Primary and Second Homes have similar pricing investors should be prepared to pay a higher rate along with putting more money down on purchases.
(5) What is your FICO score? This is probably the biggest factor and we accept them as low as 620 but a borrower with say a 760 or higher score will be rewarded with a better interest rate for maintaining a better credit reputation.
For further information or to run a scenerio for your particular mortgage, as always I am just a phone call away 480-705-0199
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