How Do You Understand The Mortgage Rate Sheets?
Understanding a mortgage rate sheet can seem like a difficult and overwhelming process. Begin to understand different terms used in the mortgage industry. Proceed by learning what the lenders list on the rate sheets. Follow by putting the information together by using these simple steps with this sample from a wholesale rate sheet. Review sample. Follow the steps below while reviewing the sample, to have an understanding of mortgage rate sheets. Conforming Fixed 30-year Rate 12-Day 30- Day 60-Day 4.625 0.947 1.135 1.510 4.750 0.239 0.427 0.802 4.875 (0.388) (0.200) 0.175 5.000 (0.749) (0.561) (0.186) Locate the loan program. Find the loan program listed, for example the Conforming Fixed 30-year. Generally several loan programs are listed on the rate sheet. Beneath the loan program are several columns of lock-in periods and several rows of interest rates. Locate the lock-in Period. It’s listed on top of each column and is the length that the specific interest rate is guaranteed to the b
