FACTORS THAT AFFECT YOUR MORTGAGE RATE
There are multiple factors that can help you get the best mortgage rate possible. Below are a few factors and perhaps a
few others not listed can be imposed by specific banks and mortgage lenders which will move your mortgage rate around.
• | Loan purpose (Is the loan going to be a home purchase or is this a refinance loan?) |
• | Loan amount (Would the loan be a conforming, any loan amount up to $417,000 is any loan amount up to $417,000 for a single-family residence that fits guidelines set forth by Fannie Mae and Freddie Mac or jumbo, any single loan amount over the conforming loan amount.) |
• | Credit score |
• | Documentation type |
• | Loan to Value (LTV is the loan amount divided by the purchase price or appraised of the property) |
• | Property type (single-family residence, condominium) |
• | Occupancy type (owner-occupied, second home,investment property) |
• | Debt-to-income ratio |
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