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Interest Rates and You

The rate of interest you pay on your loan can have a significant impact as to how much home you can afford. However, before you begin negotiating, you need to know your credit.

If your credit is excellent, you have an ample opportunity to get a good rate using no money down programs. Whether doing an 80% first and 20% second or a single note for first time home buyers. However, before you start, don't shop rate, shop counsel. Good counsel has a lot more value than a better rate on the wrong loan for you.

If your credit is marginal, you should still look at rate, but you should also negotiate programs that fit better with your level of credit. Paying .125% more for a better program is not really a high price to pay versus the cost of the wrong program.

If your credit is below 580 on the mid FICO® score (your middle score from the three credit agencies), this says you are credit challenged. While you should discuss rate with your lender/broker, it is not suggested you fight or you may fight your way right out of someone who can get you a good rate under an FHA or VA program.

In today's high volume mortgage market, the most skilled and creative lender/brokers are not very tolerant of demanding credit challenged home buyers. As a credit challenged buyer, these high skilled specialists are the people you want working on your loan.

The only time it's suggested you seriously negotiate is when you are relegated to sub-prime high interest rate loans. However, if you can get an FHA or VA loan at .5% above the prevailing good credit rates, and the alternative is a 8.5% to 10% rate, why would you want to fight?

When negotiating, you have to consider the same facts that your lender/broker/banker must consider and the primary factor in any decision is your credit.

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