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The rates posted below are the average daily interest rates paid by the borrowers nationwide, in California and in Hawaii from the survey. These rates should be used for reference only and they are somewhat obscured and do not tell you the true cost of a mortgage as they do not reveal the loan points and annual percentage rates (APR) that the borrowers are paying.

Credit Scores

If you are in the market for a mortgage loan, your credit score will play a crucial role on the costs of an interest rate you can get or if you can get a loan at all. Normally, you will have to pay a higher fee unless your credit score is 700 or above. The lender pulls your (tri-merged) credit report from the three major credit bureaus: Trans Union, Equifax, and Experian. The credit score that a lender uses to underwrite your loan application is the middle score of the three.

Cash Out Re-Finance

If you are borrowing more money than you currently owe in a re-finance transaction and the net cash to be received by you is more than $2000, then it is considered a cash out re-finance. In a cash out refinance transaction, the lenders will charge a fee based on a combination of your credit score and how much equity you have left in your property. Obviously, the higher the credit score and the lesser money you borrow against your equity, the lesser fee a lender will charge as it represents a condition which posts lesser risk to a lender. Typically, if you have a 740 credit score or above, and borrow less than 60% of your home value, then you will not be penalized for having a cash out.

Investment Property

If a subject property is an investment property (a property you own other than your primary residence or second home), you will be charged a fee of typically 1.75% of the loan amount. This is a hefty charge. However, this is what lenders consider the risk of lending money to a borrower using an investment property as a collateral.

Multi-Unit Property

If you borrow against a property which has more than one unit (1-4 unit is considered a residential property), there will be a charge. If it is a 3-4 unit property, the charge is typically 1% of the loan amount.


If your property is a condominium and you borrow more than 75% of its value, again, there is a charge, typically about 1% of the loan amount.

The fees charged by the lenders can add up very quickly. The rates you see on the newspaper or on the Internet are the best rates offered to borrowers who have the ideal or perfect scenarios. It's imperative that you call a qualified loan officer to give you an accurate and personalized estimate of the interest rates you may be able to get and fees that may be charged. All Savvy loan officers are federally registered, and licensed in Hawaii, They are fully qualified to answer any questions you may have.

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