What you should know about interest rates.

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.

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.

Grade		Description			Criteria
		Very Good			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.
		Good			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.
		Fair			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.
		Needs Improvement			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.
		Needs Improvement			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.

* The articles and materials on this Web site are for general information only and are not intended to provide specific advice or recommendations for any individual. The information on our site is intended to be accurate. However, your individual credit rating may vary, dependent on your credit history.