Texas Home Lending News

THE FACTORS THAT GO INTO A MORTGAGE RATE QUOTE

March 9th, 2022 2:53 PM by Shawn Smith NMLS#863501

It's not uncommon to see advertised mortgage rates well OUT of line with reality.

Whether the advertised options will be available for your transaction depends on too many variables to make the rates accurate. Chances are that some—if not all—of the following criteria will be considered before a "real" rate quote is offered.

Loan Parameters
Loan Size/Amount

Loan Types:
Fixed/Adjustable
Amortized/Interest Only
Conforming/Jumbo
FHA/VA/USDA
LTV/CLTV/HCLTV
Cash Out or Rate & Term
Closing Date/Lock Duration

Documentation Type:
Full Doc or Alternative
Stated or No-Income

Income Parameters
Housing Ratios/Debt Ratios
Time in Position
Time in Career

Type of Earnings:
Salaried or Self-Employed
Seasonal vs Steady
Salary/Overtime
Bonus/Commission
Social Security
Alimony/Child Support
Rental Income
Interest/Dividends/Gains

Property Parameters
Type of Property:
Single-Family
Multi-Family
Detached
Condo/Co-op
PUD

Market Status:
Stable
Appreciating or Declining

Condition:
Repairs Needed
Well, Septic, etc.

Occupancy:
Primary
Second Home
Investment

Bond & MBS Markets
Rates are ever changing.

Credit Parameters
Credit Scores/Inquiries
Late Payments
Collection Accounts
Judgments
Tax or Other Liens
Bankruptcy/Foreclosure
Short Sale/Deed in Lieu

Asset Parameters
Liquid
Semi- or Non-Liquid
Own Funds
Gift or Grant
Borrowed Funds
Seasoned or Un-Seasoned
Cash or On Deposit

As you can see, many factors impact your interest rate. When things are not black and white, a quote can prove unreliable until a credit check, a property appraisal, title search and even thorough underwriting of your application have occurred.

The good news is that this is what we do every day, and I will be happy to assist you through the process. Together, we will prevent unpleasant surprises and discover what is really available for your unique situation.

Shawn Smith
MLO/Broker | NMLS # 863501
(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254

NMLS # 1134044

Posted in:mortgage loansPosted in:ratesPosted in:TEXAS MORTGAGE RATESPosted in:MORTGAGE RATES TEXASPosted in:DALLAS MORTGAGE RATES and tagged: mortgage loans rates TEXAS MORTGAGE RATES MORTGAGE RATES TEXAS DALLAS MORTGAGE RATES INTERESTE RATES

Posted by Shawn Smith NMLS#863501 on March 9th, 2022 2:53 PM

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Texas Home Lending News

THE FACTORS THAT GO INTO A MORTGAGE RATE QUOTE

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