Criteria NEEDED by all Loan Originators to quote you a rate.

lotsa-ratesThe lending environment has changed. I’m sure we’ve all heard this on the radio and TV for years now… right?

We also know that the Government wants to make “mortgage rates” a commodity and make it EASY to shop for. But the problem arises when someone calls up and says “whats your rate?” and truly expects to get an instant answer back. I certainly wish I could answer that question with a simple “we’re at 4.25% today” or “3.5% for a 15 yr”… but its not that simple.

In general I (and everyone else you talk to) needs to get MOST of this list to give you an ACCURATE quote for you and your situation:

  1. Loan Amount
  2. LTV (loan to value)
  3. CLTV (combined loan to value)
  4. Credit Score (lower of all borrowers middle score is used)
  5. Credit History
  6. Escrow Preference
  7. Closing Date
  8. Loan Type (Conventional, FHA, VA, RD, HomePath, Rehab)
  9. Type of Mortgage Insurance (monthly, cash, split, financed or lender paid)
  10. Property Type (single family, townhome, condo, 1-4 family)
  11. Occupancy Type (primary, secondary or non-owner occupied)
  12. Available Assets for down-payment
  13. Available Assets for “reserves”
  14. Asset Seasoning
  15. Co-borrowers
  16. Housing Ratio
  17. Total Debt Ratio
  18. Improvements Needed
  19. Employment Type (W2, Contract or self-employed)
  20. Employment History
  21. Documentation Available
  22. Relocation
  23. Seller Contributions
  24. Gifts
  25. Cash-out

This is a long list and not all items are needed depending on the type of transaction (purchase vs refinance).

The BOTTOM LINE is: if you want to know what our RATES are… we’ll need to know a HANDFUL of information about YOU, Your Situation and what you’re looking to do before our rate quote should ever be “set in stone”.

IN FACT… if you really want help in figuring out who to do your loan: go ahead and ask “what’s your rate?”. If you get a really quick answer… that’s the guy to STAY AWAY FROM.

Steven Brand – NMLS#261849 – iLoan – 612.386.5306