Updated January 2018
Nonqualified Mortgage Rates
Just because you are thinking about a non-qualified mortgage doesn’t mean that you have to see substantially higher rates. You might be surprised to learn that nonqualified mortgage programs that you may be able to qualify for have very affordable rates. You shouldn’t reasonably expect them to be as low as qualified mortgages – but with the guideline flexibility, many people are finding them to be a solid option.
Depending on the program and the lender, you will likely find that nonqualified mortgage rates are higher than traditional qualifying mortgages – but they are not outrageous. Rates have to be competitive or lenders won’t be able to get people to take out loans. It is also likely that rates will be different in each program – for example, if one lender has 7 different nonqualified mortgage programs, you wouldn’t expect the same rate for all of them – you should expect the rate to be matched with the level of risk the lender has assigned to each loan program.
It is also true that rates change often. It isn’t uncommon for mortgage rates to change multiple times each day – which is why it is important to speak with a lender who can help you not only understand the rate range for a given program but also help you lock in to the best loan program when the time comes.
Get The Best Deal on a Non Qualified Mortgage
Regardless of what lender you first speak with – there is one way that you can get the best deal on a non-qualified mortgage: get multiple written quotes from nonqualified mortgage lenders. Each lender will offer a slightly different nonqualified mortgage rate and will probably have different guideline overlays that will translate into it almost being a must that you speak with multiple lenders to find the best deal.
Get the best deal by speaking with a nonqualified mortgage lender: simply submit your information below and we will match you up with a great nonqualified mortgage lender today.