Interest Rate Update Loan Details – Frank Rexford Mortgage Team

* Conventional Loan Details:	Purchase, primary residence, single family home, 740+ FICO, 20% down, 40% DTI, $480,000 loan amount, w escrows, 30 day lock, end of month closing. Rates were available for qualified borrowers on the date shown with 1 point or less. Maximum conventional loan amount for 2023 is $726,200.


* FHA Loan Details:	Purchase, primary residence, single family home, 680+ FICO, 3.5% down, $380,000 loan amount, w escrows, 30 day lock, end of month closing. Rates were available for qualified borrowers on date shown w 1 point or less.


* VA Loan Details:	Purchase, primary residence, single family home, 680+ FICO, no down payment, loan amount $500,000, w escrows, first use of VA benefit, 30 day lock, end of month closing. Rates were available for qualified borrowers on the date shown w 1 point or less.


* Jumbo Loan Details:	Purchase, primary residence, single family home, 760+ FICO, 20% down, loan amount $750,000, w escrows, 30 day lock, end of month closing. Rates were available for qualified borrowers on the date shown w 1 point or less.

Differences in rates between loan products & terms do not always make immediate sense. Factors such as supply and demand, and investor appetite for risk all come into play. Larger down payments and paying points can have a big impact on the rate offered. Borrowers with credit scores different from those shown may qualify for different rates.

Additional loan programs and scenarios may be available for qualified borrowers with varying combinations of down payment, interest rate, closing costs, and monthly payments, but all programs require a fully documented loan application. Rates change on a daily basis and during each day without notice. Every borrower’s situation is unique, and not all borrowers will qualify for these rates.

Condos require special consideration – please ask.

Don’t apply for any new credit until after we have closed your loan, and don’t make any unusual charges on your existing credit. Your loan is being underwritten per your current financial status.
Photographs of documents are NOT acceptable. Originals, scans and faxes are acceptable.
Bank statements must contain your name, your account number, and 30 days of complete activity. We need ALL NUMBERED PAGES of banks statements. Even if any numbered pages are blank.
Please provide your closing attorney information asap so that we can order your title work.
Please provide your homeowner’s insurance agent’s contact info asap so that we can request your insurance documentation and submit it for approval.
Once you have signed your loan application, we will send you a request to pay for your appraisal fee with a credit card.
Please directly contact your closing attorney to obtain wiring instructions for your closing funds – you MUST do this yourself for your own security. No one on my team and no one from Corporate Investors Mortgage Group, Inc. will ever send you wire instructions. If you receive an email from anyone at Corporate Investors Mortgage Group, Inc. providing you with wire instructions, do NOT wire your funds with those instructions and notify me immediately.