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This page cannot give you a rate, and here is why
A quote is priced on credit, loan size, loan-to-value, occupancy, property type, lock period and the day. Ropewalk is a fictional lender with none of those, so instead of manufacturing a number this page tells you what would go into a real one.
What sets the price
Seven things, in roughly this order
- Credit score. Mortgage lenders use older scoring models than a phone app, take the middle of three bureaux and then the lower of two borrowers. The number you have been watching is probably not the one that gets used.
- Loan-to-value. Both the rate and whether there is mortgage insurance at all.
- Occupancy. Living there, a second home, or letting it — three different prices.
- Documentation route. Full documentation prices best. Bank statements, a profit-and-loss statement and asset qualification sit outside the qualified-mortgage box and carry a premium.
- Property type. A single-family house, a condominium, two-to-four units, a manufactured home. Each has its own adjustment.
- Loan size. Below the county limit, above it, or small enough that fixed costs dominate.
- Lock period and the day. Pricing moves daily, sometimes intraday, and a longer lock costs more.
Demonstration form
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On a working site this is where the conversation would begin: enough for a loan officer to know which route you are on and what to ask for. Here it validates, thanks you, and stops.