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santanasarah82 · Joined: 10 Oct 2009 Posts: 1 1.33 Dollars($)

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?

eric1 · Posted: Sun Oct 11, 2009 4:59 pm Post subject:

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.

gmakerley · Posted: Sun Oct 11, 2009 9:56 pm Post subject:

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.

Guest

thank you. Smile

gmakerley · Posted: Mon Oct 12, 2009 7:01 am Post subject:

you are quite welcome.

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what is a good mortgage note/qual rate?