RATES

Correspondent lenders will typically have the same rates and programs, and pricing can vary slightly from lender to lender. So don't let rates and closing costs be the determining factor when choosing your loan officer. Instead, work with someone you trust and who will take the time to understand your unique situation. This will ensure your loan is approved on time with the least amount of hassle.

Your rate will depend on the following:

CREDIT SCORES: No surprise. The better your credit score, the better your rates and pricing. And certain loan programs and lenders will have minimum requirements that are different from FHA, Fannie Mae and Freddie Mac.

LOAN PROGRAM: Rates will be different for various programs depending on the features of your loan. For instance, HomePath loans don't require an appraisal or mortgage insurance but have a higher rate than a typical conventional loan. FHA loans typically have lower rates but higher mortgage insurance than conventional loans.

MORTAGE INSURANCE (MI): If you want to reduce mortgage insurance or avoid it altogether, you have several options.

  1. Utilize a loan program that reduces or eliminates MI, such as HomePath, Home Possible or My Community mortgages.
  2. Increase your rate and have the lender pay an upfront MI premium (upfront MI can also be paid with seller paid contributions.)
  3. Putting 20% down on your purchase will always avoid mortgage insurance.

LOAN TO VALUE (LTV): Regardless of what program you choose, a larger down payment will afford you a lower rate and will always reduce the amount of MI you're required to pay. And if you put 20% down, your lender will not require you to pay any MI.

DEBT TO INCOME (DTI) RATIO: Your total monthly debt payments (including your mortgage payment) divided by your gross monthly income is your DTI. The lower DTI, the more competitive your rate and pricing.

PRE-APPROVAL

IS THE FIRST STEP


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