Quoting Rates?

I am not a Mortgage Broker so when a client asks me what their rates will be or what the current rates are, I will give them a "ball park" rate but I am careful to say "I am not an expert" and then give them the names and phone numbers of a few mortgage brokers I have worked with. I want to make sure my clients financial questions are answered by "an expert". As we know, rates are subject to change due to market fluctuations and a borrower's eligibility.

Here are 26 different criteria that affect a mortgage rate and it would be impossible for anyone to quote an interest rate they can count on without a thorough knowledge of a persons 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, 22. Length of Loan, 23. Relocation, 24. Seller Contributions, 25. Gifts, 26. Cash-out.

Leave it up to a mortgage expert to analyze your clients individual needs and come up with a combination of loan programs and interest rates that makes the most sense for your client and their family.

Sandy Mitchell, The Kelly Group, Keller Williams

503-502-6408 or sandy@thekellygroup.net