What's Our Rates? What's Today's Rates?
Somewhere between 1.00% and 12%.

There is no "Rate" that is the one number on which all programs are based. Most programs are loosely based on the Yield of the 10-year T-bond. However, I can be more helpful than that:

        All residential loans are primarily based on...

LTV - Loan to Value. The Ratio of equity you have in your home. If you have a home worth $200,000 and owe $200,000 (e.g. 100% financing), if problems occur, you'd be more tempted to just hand the keys back and be done. If you owe only $50,000 on that home, the bank is pretty certain you're not going to walk away from your $150,000 in equity ($200,000-$50,000, for an LTV of 25%). The closer you get to 100% (or over that) the higher the rates.

Credit Score. Your FICO Score tells the bank how you manage your finances. In addition to the score, banks also look heavily at your housing obligations. Obviously Bankruptcy and Foreclosure are serious, though we have many programs to deal with those.

Ability to repay the loan. This is your Income Documentation. If you make $8,000 a month and all your debts total only $2200, that's a Debt Ratio of 27.5% ($2200 / $8000) - perfect. If you make $4,000 a month and your debts total $2800, that's a DR of 70% - leaving too little room for error if anything should happen to you or your income. In addition, someone that can prove their income on their taxes is lower risk than someone who expects the bank to simply take their word for it (stated). Recently, there are many variations on income documentation, including bank statement programs on which the bank will average your 12-month deposits.

Collateral. The property - you need to own it and be on title. We can work with lease options and other situations, but as the risk goes up, so does the rate. Risk of foreclosure varies between a Single Family Residence, High-Rise Condo, Co-op, or multi-family housing (e.g. a 4-plex).

Terms. If the loan is Adjustable, the bank doesn't have to commit to a rate and hold it. Adjustables are lower than Fixed. The loan program should match your goals. Fixed rates are higher because rain or shine, the bank holds that rate.

These are the most significant factors- though obviously there are many more.

Higher Risk = Higher Rate...
Lower Risk = Lower Rate

Let's make it simple: 5 questions, and I'll get you YOUR rate!