Items Tagged with 'Explaining rates to borrowers'

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  • Explaining the disconnect between the rate borrowers want, and can get

    You may need to break the rates process down for them
    Most quoted industry rates are for a hypothetical borrower with prime credit who makes a 20% down payment. Yet, most borrowers do not fit this profile and often experience disappointment when the rate on their loan turns out to be meaningfully higher than what they believed prevailing rates to be. Many loan officers have likely experienced having to explain this discrepancy to borrowers with varying degrees of success.
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