What’s Your Rate?

When it comes to buying a home, consumers can no longer shop for a mortgage based simply on lowest interest rate quotes. Today’s home buyer needs good advice from an experienced, educated mortgage professional who has the consumer’s best interest in mind.

For consumers, this means beware of anyone who quotes you an interest rate over the phone or the Internet without asking anything about you, your family, your finances or your lifestyle. Besides market conditions, your mortgage rate is based on a long list of criteria that are unique to your individual financial situation.

Look at the list below of 26 different criteria that affect your mortgage rate. How can anyone quote you an interest rate you can trust without a thorough knowledge of your unique financial situation?

1. Loan Amount
2. LTV 3. CLTV
4. Credit Score
5. Credit History
6. Escrow Preference
7. Closing Date
8. Loan Type
9. Property Type
10. Occupancy Type
11. Residency
12. Available Assets
13. Asset Seasoning
14. Co-borrowers
15. Debt Ratio
16. Housing Ratio
17. Improvements Needed
18. Employment Type
19. Employment History
20. Documentation Type
21. Paying Points
2. Length of Loan
23. Relocation
24. Seller Contributions
25. Gifts
26. Cash-out

Related articles by Zemanta

• Renovation Financing: Homepath Renovation (zillow.com)

(LTB, 2010)

No related posts.