Tel: (651) 252-1342
Email: loans@firsttimehomebuyer-mn.com
NMLS 225504
What is the Qualifying Rate?
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.
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Our Physical Address
33 Wentworth Ave E
Suite 290
West St Paul, MN 55118
(651) 252-1342
(651) 252-1FHAMLO License Info
Mortgages Unlimited, Inc | NMLS# 225504
Joe Metzler, MLO. NMLS# 274132
Licensed in MN. WI, SDQuick Links
Copyright 2019. Equal Housing Lender. Licensed in MN, SD, and WI. Nothing on this site is an offer to enter into an interest rate lock agreement. Any such offer may only be made in accordance with the requirements of Minn Statute Sec 47.208(3) and (4). Not everyone will qualify. Information, rates, programs, and guidelines subject to change without prior notice. All products are subject to credit, underwriting guidelines, and property appraisal. Other restrictions and limitations apply. This website is maintained by Joe Metzler, (NMLS #274132), a Loan Officer with Mortgages Unlimited, Inc (NMLS #225504).