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Our loan officer did a great job making the process administratively easy, despite the fact that I was in 4 or 5 different cities (business travel) during the process. |
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—Steven S..
more testimonials >
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Credit Scores
Following is an illustration of how a borrower's credit score could affect the ability to qualify for an interest rate at a given time on a home loan for $200,000. Rates shown in the table below are for illustration purposes only and do not represent current loan scenarios or interest rates available by Gorman & Gorman Home Loans.
|
Credit Score
|
Interest Rate
|
Points
(Paid at Closing)
|
Monthly Payment
|
Total Interest & Points Paid
|
|
740+
|
4.875%
|
0%
|
$1,058
|
$181,028
|
|
720-739
|
5.000%
|
0%
|
$1,073
|
$186,513
|
|
700-719
|
5.500%
|
0%
|
$1,135
|
$208,806
|
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680-699
|
6.125%
|
0%
|
$1,215
|
$237,480
|
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660-679
|
6.375%
|
0%
|
$1,247
|
$249,186
|
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640-659
|
6.500%
|
1.00% ($2,000)
|
$1,264
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$257,085
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620-639
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6.500%
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1.50% ($3,500)
|
$1,264
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$258,585
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580-619
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6.500%
|
2.00% ($4,000)
|
$1,264
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$259,085
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30 Year Fixed Rate Mortgage
Quoted rates are for loans 80% Loan-to-Value (LTV) or less.
All pricing is dependant on applicant's loan to value and credit scores.
Points/fees/rates may vary for different loan amounts and will effect the actual APR.
Monthly Tax Escrow & Insurance Premium not included in Monthly Payment
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