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Loans/Rates Not a Commodity; Vary by Source, FICO, LTV, Loan Amount

Loans and Rates are not commodities. We reiterate this b/c so many borrowers ask us what “the” rate is. Or, they demand that we match an advertised rate they find on the internet or at a bank, when their loan is significantly different than what is getting advertised.

Many things affect interest rates including Credit Scores, Loan-to-Value, Down Payment, Loan Amount, Points Paid, and Type of Loan (FHA, Conventional, Jumbo). There is no single rate.

This is especially the case with the jumbo loans. We have numerous jumbo lenders and investors we can access. All have different sources for their funds, and significantly different rates. The jumbo lenders that allow us to close in 14 days have the highest rates b/c their source of funds or cost of funds is higher.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646