How to Determine your Mortgage Rate

Dec 12, 2022

Home Blog How to Determine your Mortgage Rate

If you are considering buying a home you probably have been learning about or hearing about interest rates, and you will want to secure the lowest rate possible for your home purchase. Over the last couple of years it was easy to obtain a low rate as we saw record-low mortgage rates, but this year, rates have increased dramatically. 

Here are four things that help determine your mortgage rate:

  1. Your Credit Score – when you build and maintain strong credit, mortgage lenders have greater trust in you and will provide you with more favorable terms.
  2. Your Loan Type – Conventional, FHA, VA, USDA…each different type of loan product offers different rates. Working with your lender and Realtor hand in hand will set you up for the best loan type.
  3. Your Loan Term – the length of time it will take to pay off the loan, or term, will affect your mortgage rate.
  4. Your Down Payment – in general, the bigger the down payment the lower your rate will be.

These are just four factors that can impact your mortgage rate. Working with a high quality local lender and Realtor will set you on the path to success. Lenders and Realtor also have some ways to help negotiate an even better rate…if you are thinking of buying but think the rates right now are too high to make it possible…we need to talk strategy. Reach out to me or Heather today!

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