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LEARNING SECTION

Interest Rates General Disclosures & Assumptions

Your interest rate/points locked will be based on your middle low credit score between all borrowers, the loan to value ratio of your loan, your loan purpose, property type, occupancy type, length of rate lock period, and other factors. These charges/credits to loan pricing come from a Loan-Level Price Adjustment Matrix supplied by our sources, and the agencies Fannie Mae, Freddie Mac, and Ginnie Mae who are firms that trade in most mortgage backed securities we originate loans for. 

All loans are subject to credit approval and funding by source. Other terms, conditions, restrictions & fees may apply. Mortgage loan programs offering minimal down payment options (usually less than 20% down) most likely require mortgage insurance that may be included in the monthly payment, financed into your loan, or may be paid by the lender in exchange for your willingness to take a slightly higher rate than market on a 20% down loan. We will discuss your options with you.   

Regarding Rates Posted On Our Homepage 

The Interest Rate/Points/APR displayed are subject to change (better or worse) without prior notice and are shown for example purposes. They do not constitute a commitment to lend.

The Interest Rate/Points/APR posted for conventional 30 year fixed reflect a current scenario available as of the date/time posted, and may include a discount points "charge" or a "credit" if a minus sign is shown by the point position. A credit would go toward your closing costs. For example a -.500 point credit position shown would equal $500 credit per $100,000.00 of your loan toward closing costs. The conventional posting is relevant to a 20% down conventional purchase transaction at $350,000.00 with a $280,000.00 loan for a new or existing stick built, detached, single family residence, borrower's middle low credit score 740 and 45 day rate lock period. APRs posted do not include other finance charges/credits your loan may be subject to after locking such as a charge for an interest rate lock extension (if needed) or an adverse change in the loan to value.     

The Interest Rate/Points/APR posted for FHA 30 year fixed rate assumes loan is for owner occupied single family one unit purchase with base loan amount of $337,750.00 (96.5% LTV) with low middle credit score of 680 on a 45 day rate lock. The FHA 30-year fixed rate mortgage purchase transaction will have a one time financed mortgage insurance premium and 360 monthly principal and interest payments that include the monthly mortgage insurance premium, taxes and insurance. FHA financing is generally available down to 580 with loan level price adjustments and meeting criteria. Not everyone will qualify. Look up FHA Mortgage Limits here

Locking Your Rate Or Floating Your Rate

We need a fully executed purchase agreement to lock your rate on a purchase. The agreement documents your sales price, earnest money paid, balance due the seller, closing date, and other important info we need to make an interest rate lock offer to you, then document your choice and terms in a loan package that contains your formal completed loan application, Loan Estimate, locking or floating confirmation and other required disclosures. 

Prior to assembling this loan package we will offer you to lock up front for a specified period of time, or ask if you would like to float your interest rate/points position until later into processing when you could lock at market better or worse than at the time of formal loan application. We prefer to lock your rate up front and will consult with you on this important topic. Floating your rate is gambling. This topic is always covered in writing and we do not honor verbal agreements.