Mortgage Rate Assumptions And Disclosures

The conforming loan program terms are based on a loan to value ratio of 60%, a mid-credit score at or above 740, a debt-to-income ratio at or below 45%, primary residence, 1-unit property, no cash-out and impounds. For the FHA loan programs; 620 credit score or higher, primary residence, 1 unit, a debt-to-income ratio at or below 43% and a loan to value ratio of 96.5% or lower.

Conforming loan amounts are based on a loan amount of $300,000.00 and FHA loans require the home and loan amount to be eligible for FHA financing.

Jumbo mortgage loans are based on a purchase price of $1,500,000.00, a loan amount of $900,000.00, primary residence, Single Family Residence, a debt-to-income ratio below 40%, a credit score of 780 and impounds. The listed rates on are not a quote, and not an offer to lend.

We do offer mortgage terms for those that might not fit in the above category; call for details.

Our listed rates are generally based on 1 point and lender/3rd party closing costs of $2,945.00 (underwriting, appraisal, title/escrow, and recording).

We do have mortgage programs that have no points and lender credits to cover closing costs.

Mortgage rates are subject to change without notice and sometimes change multiple times in one day. The rates listed on are not a quote, not an offer to lend nor a guarantee to lend. Not everyone qualifies. Everyone’s situation is unique; please contact us for a specific quote.  1-800-550-5538 – Loan Officer Kevin O’Connor.

Important Update About Current Market Conditions:

March, 2020

In recent weeks the Mortgage Backed Securities (MBS) market has experienced extreme volatility (mortgage rates originate in the MBS market; not with the Fed and not in the treasury market). Everyone can see what has happened to the stock market; that is essentially what has happened to Mortgage Backed Securities.

There are days when lenders are repricing three, four or five times a day. In addition to that we are seeing .25% to 1.00% moves almost on a daily basis (normally you would not see more than a .25% movement over a 30 to 60 day period). Under the current environment we are doing our best to inform our clients of current market rates however please know that things are constantly changing throughout the day.

If you have any questions please do not hesitate to ask.