Interest Rates are based on the type of documentation you provide and Credit Score

The best interest rates are given to people with good credit scores, credit history, and who provide full documentation of their income and assets.  If you have a great credit score, but choose a No Doc loan your interest rate will be higher than a person with a good credit score who chooses the full documentation loan.

How much money you have down is also another indicator of the interest rate you will get.  The interest rates you see published on all these web pages is for a person with a good score, Full doc loan, and is putting 20% down.

I encourage all buyers before they physically go shopping for homes to have their credit pulled and discuss their real estate needs with a loan officer.  This is in the best interest of the buyer to do this and shows the buyer is serious about purchasing a home if they are going to make the offer to purchase contingent on financing.  

Besides being a licensed Realtor I am also a licensed Mortgage Broker.  Please feel free to contact me for a free pre-qualification and consultation.   

Loan Terms     Full Doc Loan:   Requires verification of employment, income, and assets. Full Income/Stated Assets: Requires verification of employment and income.   Assets are stated. Stated Income/Full Assets: Income is stated. Verification of employment and assets No Ratio:   Income is not disclosed or verified. Verification of employment and assets. Stated Income/Stated Assets: Income and Assets are stated.  Verification of employment only. No income/No Asset: Employment is verified, but no assets or income is on the application. No Doc: Nothing is verified goes on credit score.  No income, employment, or assets are on the application. Credit Scores: 700 and higher   Excellent 680 to 699        Good 660 to 679        Fair 580 to  659       Poor Visit www.ocalaflhome.com  for all your Ocala Fl Real Estate needs.