On another note.....I have lender pals who get frustrated when other lenders send blanket info about interest rates and people with less than stellar rates don't understand why they can't get the same rate.
So, just briefly, I snagged this from one of the articles I read recently:
Now, hope you realize, obviously it's not perfect either!
The point of this? The interest rate on your loan can vary greatly from someone else. If you're buying an attached home, it will likely be a bit higher. If you're putting less down, same...higher rate. If your debt to income ratio is different than your friends, so will your interest rate. If you're buying investment property vs. owner occupied, higher rate. More & more reasons as well!
It's a lot about risk. Lenders risk. How much risk is there on the loan they are making you? The higher the risk, the higher the rate.
Anywhohow, the graph is good, but not right for all. Just a tid-bit of reminder info really. Talk to a couple of lenders, find out who will offer you the best rate....once they know your true/real financial picture.
No comments:
Post a Comment