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An Inside Look at What Affects Your Mortgage Rate

? Buy A House, Get a Crop Subsidy |


| Sales Pitch: 'The Westernmost Point on the East Coast' ?

July 06, 2006

An Inside Look at What Affects Your Mortgage Rate

Peter Coy

Everybody knows that people with low credit scores, high loan-to-value ratios, and no documentation pay more for mortgages. But wouldn't it be nice to know exactly how much more?

Hot Property is here to tell you. Countrywide Home Loans Inc. has a public website--no password required--with rate sheets for every possible combination. Here's a link to the site.

Just use the drop-down menus to enter your state and whether the mortgage is a first-lien, second-lien, etc.

For example, let's say it's a first-lien mortgage in California. Take two cases.First case: Your mortgage history puts you in the Premier Plus category, you're putting 40% down, your credit score is 680, and you're providing full documentation for the loan. The rate for a 2/28 ARM is 6.25%.Second case: Your mortgage history puts you in Countrywide's C minus category, you're putting 30% down, your credit score is 500, and you're providing full documentation. The rate for a 2/28 ARM is 11.9%.

The rates change frequently, of course. These are for July 3.

08:00 AM

Mortgage Rates

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I posted you in my blog- Great information for consumers. Thanks.

Posted by: Jason at July 9, 2006 12:41 PM

While this may provide a lender case study of various scores and the respective rates, there are a few issues:

- this is from the B/C side of the biz

- this only provides rates for 1st lien 2/28 ARMs and 2nd liens

- this does not take into account the various otehr factors including property type, property disposition, occupancy, reserves, etc.

Posted by: Colter Hayne at July 16, 2006 05:58 PM

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