If you’ve been planning to buy a home, I’m sure you know that interest rates have increased a bit recently. But, did you also know that the mortgage rate you personally qualify for can vary from the posted rates?
Since there are lots of factors that influence the mortgage rate you receive, and knowledge is power, we thought to share a few of the key factors that will impact the rate you receive.
- Your credit score. The higher your credit score, the better your interest rate will be. Make sure to pay all of your monthly credit obligations on time.
- The amount of debt you have. Lenders want to know how much of your income you put toward debts each month. When possible, pay off credit cards and box store loans (like Leons or the Brick) in full, prior to making the application.
- Your down payment. Bigger down payments typically mean lower rates, while small down payments mean the opposite.
Discovering the rate you qualify for will assist you in determining a Home budget and payment amount you are comfortable with before you start shopping. And there’s no one better equipped to get you the best mortgage, with the best rate, than a licensed mortgage professional who works with all lenders and can shop around for you.
If you’d like to know what rate you qualify for, send us a note, and we’d be happy to send you a list of our preferred mortgage partners today to get you started without obligation.
INFORMATION HEREIN DEEMED RELIABLE BUT NOT GUARANTEED