Spencer, IA (KICD) — A local Iowa bank official says misinformation is being spread about a new formula for computing mortgage interest rates.
Jason Warren is the Vice President of Residential Real Estate at Northwest Bank in Spencer. He says borrowers will NOT pay higher interest if they have a GOOD credit score.
But – Warren says – there IS a new provision that means your interest rate might be lower with LESS money down on a home purchase.
Warren says there will no longer be one interest rate for everyone because of the new national rules, but that your local lender can compute several different scenarios to find out which one saves you the most money.
