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   Real Estate Lending Solutions for Residential and Commercial Financing

Finau Mortgage Group
1608 Catalpa Road
Dallas/Fort Worth, TX 75028
ph: 817-874-3533
alt: 972-355-8194

Mortgage Rates

So you want to know about rates.  The truth of the matter is, It Depends on You!  Various factors make up the interest rate for a particular product and borrower.  Listed below are some of those factors:

 

1.  Credit: your credit history. But specifically your middle fico score

 

2.  Liquid Assets: Your available cash on hand

 

3.  Liability: monthly loan payments

 

4.  Down Payment goal

 

5.  Income: Are you able to document income through W-2 or Tax Returns, or will it be a Stated or No Ratio loan

 

6.  Occupany: Do you intend to live at the home or will it be an investment property

 

7.  Other Real Estate: How many homes do you currently own and have financed

 

8.  Any bankruptcy, judgement, foreclosure, or collection accounts

 

9.  What term are you looking for: 30 year Fixed, 5 year Hybrid Arm, 1 month MTA, FHA, etc.

 

10.  Structure: Do you want to have 2 liens (i.e. 80/15/5), 1 loan with No mortgage insurance, interest-only payments, etc.

 

These are some of the factors or questions that are taken into consideration when looking into interest rate.

 

Tip on shopping for interest rates.  Mortgage interest rates fluctuate with the market, therefore the rate quoted is only good for that day, and in most cases the lender must already have your application on file, and you are ready to lock it in. Nevertheless, it is important to do the following:

 

  •      Shop on the Same Day
  •    Ask to be quoted on the same product type from the various lenders (i.e. 30yr fixed, 5yr arm)
  •    How many points, origination and discount (1 point = 1% of loan amount) On a $200,000 loan, this is $2,000.
  •       How long is the quote good for (i.e. 30, 45, 60 days)
  •      Ask for the APR (annual percentage rate) 
  •      Get Good Faith Estimate in writing

 

For more information, below are links to a few trusted source, if you want to get an idea of what the market is doing and get a benchmark for what the best rates are going for today. But if you want to know what rates are available to your specific situation, please don't hesitate to call me.

 

Thank you,

Sela E. Finau

 

http://www.bloomberg.com/markets/rates/
http://money.cnn.com/

http://moneycentral.msn.com/investor/home.asp

 

© 2007 Finau Mortgage Group. All rights reserved.

 

Finau Mortgage Group
1608 Catalpa Road
Dallas/Fort Worth, TX 75028
ph: 817-874-3533
alt: 972-355-8194