cancel
Showing results for 
Search instead for 
Did you mean: 

Rate Bump

tag
Anonymous
Not applicable

Rate Bump

How much of a rate increase should I expect for the lender to cover around $6200 in closing costs?

Message 1 of 4
3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: Rate Bump

General rule of thumb is for every .25% of a rate increase there'd be a lender credit equivalent to 1% of your loan amount.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 4
Anonymous
Not applicable

Re: Rate Bump

Thanks Shane!

Message 3 of 4
ShanetheMortgageMan
Super Contributor

Re: Rate Bump

De nada.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.