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Certified Mortgage Advisor
NMLS 1701021
Published 
August 4, 2020

How to get a good interest rate?

You want to know if you're getting a good interest rate, whether you're refinancing or purchasing. Here's a tool you can use to figure out if you're getting a good rate.

CFPB

So this is the CFPB or Consumer Financial Protection Bureau.

How to use the CFPB website

On the website, you can put it in your credit score range. We're going to do 740 to 759. Choose your state I'm in Ohio. Put in your purchase price, we're going to say 250. Put in your down payment of 5%. Put in what type of loan we're going to see fixed 30-year conventional loan. And what we can see is in Ohio, most lenders in our data are offering rates at, or below 3.125%.

So you can see nine lenders are offering this. They're not going to show you what lenders are, but you now know if you have those criteria, you shouldn't be expecting a 3.125%, or possibly lower. There are a couple of lenders offering 2.875. So use that for your refinance purchase to see if you're getting a good rate.

Talk with a loan officer
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Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, nor loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate and/or financial advice. Read the full disclaimer here.