What affects the rate you get.
Calling a lender and asking “What’s your
rate?” is similar to calling an insurance agent and requesting a
price for auto insurance. There are so many other factors involved that
the agent needs to ask the right questions before assessing the risk in
insuring your vehicle. Your age, driving record, average miles you drive
each day – all play a part in determining how much your insurance
will cost. Mortgages work the same way. Any mortgage representative can
talk about a low mortgage rate, but many stipulations go along with it.
The 3 C's.
It’s important to understand that there
are many factors that influence the rate you’ll receive. Mortgage
rates are the result of an equation that takes into account your personal
credit history, property, income, loan type, term and loan amount. These
qualifying factors can more simply be referred to as the 3
C's: Credit, Capacity & Collateral. Visit our Credit
101 section for more information.
Why a lower rate can sometimes end up costing you more.
Rates aren’t always what they appear to be. Be
sure to look at the total cost of the loan and inquire as to what, if
any, hidden costs the loan may include. A seemingly lower rate may carry
considerable out-of-pocket costs at closing, including application fees,
points, and pre-paid interest.
The Champion Mortgage® way.
At Champion®, you’ll find that
we’re different than most lenders. We don’t surprise you with
hidden costs. We believe the most important part of the borrowing process
is building trust and offering the highest level of customer service.
We’ll work hard to make sure you get the best
possible rate.
Our loan specialists are trained to listen. We’ll
talk to you about your needs and your financial situation to find out
the best rate you qualify for. And our commitment to you doesn’t
end there. We’ll be with you every step of the way to ensure that
you not only get the best possible rate, but that you have a partner to
talk to whenever any financial need or question should arise.
Call 1-800-CHAMPION (242-6746), or begin
now to see how competitive our mortgage rates are.
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| A good way to find a rate that you will
qualify for is to assess your credit rating. Below are some
general criteria that are used within the industry to determine
a borrower's credit grade. Even if you've fallen behind on your
bills, we can help you get back on track and re-establish your
credit. |
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Description |
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Criteria |
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Very Good |
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No late mortgage payment in the last 12 months.
Major credit history is excellent. Prior bankruptcy/foreclosure discharged
or settled prior to last 5 years.
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Good |
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No more than two 30-day late mortgage payments
in the last 12 months. Major credit history is very good. Prior bankruptcy/foreclosure
discharged or settled prior to last 3 years.
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Fair |
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Two or more 30-day late mortgage payments
in the last 12 months. Major credit history may include one 60-day
late payment in the last year. Prior bankruptcy/foreclosure discharged
or settled prior to last 3 years.
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Needs Improvement |
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No more than 60 days late on a mortgage payment
in last 12 months. Major credit history may include up to a 90-day
late payment in the last year. Prior bankruptcy/foreclosure discharged
or settled prior to last 3 years.
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Needs Improvement |
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No more than one 90-day late mortgage payment
in last 12 months. Major credit history may include poor payment history.
Not currently in bankruptcy.
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