Loan rates depend on many factors outside of market rates. Your credit score, the property?s value, and company policies all affect what you will pay for your mortgage. With so many variables, you can get a better loan rate with some careful research.
Revaluate Your Credit Profile
There are many factors that influence your credit score besides payment history. Income, assets, and debt to income ratio are important to lenders. So even with a recent foreclosure, a high level of cash assets could qualify you for a decent rate.
Lending companies don?t automatically use the FICO score to rank your loan application. The financing company may use there own standards or allow loan officers to make decisions. This is where a letter in your credit report explaining View the rest of this article
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