All Mortgage Rates Are NOT Created Equal

All Rates are NOT Equal

Qualify advertised rate terms before sending your personal documents.

• Is the published rate today's rate?
• Is the published rate for 30 year amortization? (shorter terms = lower rates & higher payments)
• Is the rate lock period for 30 days? (shorter periods = lower rates & extensions are expensive)
• How many discount points must I pay for this rate? (prepaid interest = lower rates)
• Does this rate include prepay/early termination penalties? (prepays = lower rates)
• What is the min FICO credit score requirement? (higher scores = lower rates)
• Does this rate require full documentation? (higher documents = lower rates)
• Does this rate require I escrow property tax & insurance? (escrows = lower rates)
• What is the max Debt To Income (DTI) ratio permitted? (lower DTI = lower rate)
• What is the minimum down payment/equity required? (lower LTV's = lower rates)
• Is this rate for owner occupied single family detached property? (OO & SFD = lower rates)
• What is the increase for non-owner occupied properties? (investment properties = higher rates)
• What are the min&max loan amounts for this rate? (jumbo loans = higher rates)
• What is the rate increase for a cash out refinance?
• Does this rate have negative amortization/deferred interest? (fully indexed)