How to Read Rate Sheets?

[freshmanLO]

I'm a brand new "green pea", and I'm wondering how do you read rate sheets? Every lender seems to be different! I'm currently trying to read a Flagstar rate sheet and I'm lost. Can anyone help me?

[Troy]

Welcome to the forum!

I'm not familiar with Flagstar's rate sheet, but you'll find that they are all relatively similar. There are typically only 3 or 4 variations to your typical sheet, but you'll catch on quickly.

Is there something in particular that you are having a hard time with?

troy

[Secret!]

Think of them in terms of an exel spreadsheet, that's how most are created (columns & rows). Once you've studied a dozen or so of them, you'll get the hang of it -- after you think you've got it ... for some serious laughs get the one from Greenpoint --- it's 3+ dozen pages!!!!

[NJloans4you]

Hey hang in there. You'll get it. Once you get one you will be able to follow them all. Just look for the general things you know. The fico requirement, max LTV %, loan amount, o/o, n/o/o, 2nd home. Just study it and it will make sense. You're a natural!!

[NJloans4you]

That's funny! Yeah Greenpoint rate sheets are a bit scary at first glance!! LOL

[Lynn Alexander]

What is a rate sheet in loan mortgage?
Can you teach me how to read it? for my homework in business math. Thank you.....thanks
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[AnnAnderson1015]

For new reads to this post. The rate that is quote to the public is not the rate available to the Loan officer. The rate sheet is the wholesale rates for the day for various loan programs, the LO takes this and uses it to figure out how much he wants to make in commission and "sells" you a higher rate. He gets a yield spread premium , ysp for short.
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