Rates!Rates!Rates! We all want good rates. Well right now we have some really good rates. For someone to be able to get a non-jumbo rate of 5.125% is good news. On a $350,000 loan that difference is over $200/mo. less than just a couple of months ago. How many more buyer's do you think that can translate into? On an income of $5,200/mo. it could make or break the deal. The difference is a whopping 12% increase in the principle/intrest payment. A jump from $1,903 to $2,210 wow! Strict guidelines hold the line @45% D.T.I.(no varience). The $5,200/mo. income will be a max. payment (including Taxes and Ins.) of $2340. The lower rate has a total payment of $2,300. It couldn't have happened a couple of months ago, the payment would have been $2,606. An easy turn down for any lender, no matter what the down payment or what the credit score, those are called compensating factors but in today's market they are easily overlooked due to very strict guidelines. If you need to talk or have a deal that you're barely holding on to. Contact me.
Bob Wilson
www.financialaccessinc.net
209-532-6610 Office
209-768-7038 Cell
Comments(0)