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  • Tel: (651) 252-1342
    Email: loans@firsttimehomebuyer-mn.com
    NMLS 274132

    Serving First Time Buyers in MN, WI, IA, ND, SD

  • First Time Home Buyer Mortgage Rates You Can Brag About

  • Your qualifying mortgage loan interest in most cases is equal to the note rate, especially on standard fixed rate mortgage loans.

    The qualifying interest rate usually comes into play on adjustable rate loans, and buy down programs.

    Your adjustable rate loan has a start rate, which is what the loan interest rate is today, and then a maximum cap interest rate, which is the worst it can ever be. When underwriting loans, the program may require lenders to use something other than the current start rate to calculate affordability.  This is usually the worst case interest rate, but can be something different.

    This rate used to determine affordability is therefore known as the qualifying rate.

     

  • With all that we have to offer, why risk it with anyone else? Apply NOW

  • Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, Colorado, Florida, North Dakota, South Dakota, and Texas. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 2020, Joe Metzler, NMLS 274132