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Nationwide Cuts High-LTV Rates by Up to 0.25%
Big News for Homebuyers with Less Than 20% Down
Nationwide has announced a reduction in high loan-to-value (LTV) rates by up to 0.25%. This is a significant move that could save homebuyers thousands of dollars over the life of their loan.
What is an LTV Ratio?
An LTV ratio is the percentage of the home's value that is financed through a mortgage. For example, a homebuyer who puts down 20% will have an 80% LTV ratio. This means they are financing 80% of the home's value through a mortgage.
Why is This a Big Deal?
LTV ratios are important because they determine the interest rate a homebuyer will receive on their mortgage. Higher LTV ratios typically result in higher interest rates. The reduction in high-LTV rates announced by Nationwide could save homebuyers with low down payments significant amounts of money.
Who Qualifies for This Rate Cut?
The rate cut applies to homebuyers with LTV ratios between 80% and 90%. To qualify, homebuyers must have a minimum credit score of 680 and meet other underwriting guidelines.
How Much Will I Save?
The amount of money you will save will vary depending on your specific loan amount and LTV ratio. However, Nationwide estimates that homebuyers could save an average of $1,800 over the life of their loan.
What Should I Do Next?
If you are a homebuyer with a low down payment, you should contact Nationwide to learn more about this rate cut. You can also visit the Nationwide website to apply for a mortgage.
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