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 santanasarah82
Joined: 10 Oct 2009
Posts: 1
1.33 Dollars($)
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 Posted: Sat Oct 10, 2009 11:30 pm Post subject: what is a good mortgage note/qual rate? |
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| im a first time home buyer and im currently on the hunt for a home. i was pre-approved for a loan and im not sure about the note/qual rate. what does that mean? is that the interest rate? now a days what is a good interest rate? |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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| Posted: Sun Oct 11, 2009 4:59 pm Post subject: |
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Your qualifying rate is the rate that is used to determine whether you qualify for the loan or not. Many loan officers will use a rate that is slightly higher than market to paint a "worst scenario" in the event that rates climb before you lock in.
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Eric JFree Rate Quotes, Stated Income Loans
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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| Posted: Sun Oct 11, 2009 9:56 pm Post subject: |
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sarah it doesn't make sense to think about a good, "lowest" rate at this time. once you are deep into the process, rates will become more of a focus. they won't be climbing any time soon to the point that you'll need to worry about it.
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George M. Akerley
Loan Consultant
860-221-5044 |
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sarah s
Guest
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| Posted: Sun Oct 11, 2009 11:34 pm Post subject: |
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thank you.  |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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| Posted: Mon Oct 12, 2009 7:01 am Post subject: |
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you are quite welcome.
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George M. Akerley
Loan Consultant
860-221-5044 |
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