September 12th, 2024 4:33 PM by Heidi Gravel
Explore the key factors that can influence your mortgage interest rate:- Credit Score: A higher score can mean lower rates. It’s like your financial report card for lenders.- Loan to Value Ratio: This is all about how your loan size stacks up against your home's value. Generally, lower ratios favor better rates.- Loan Type/Term: Going for a shorter loan term or a fixed-rate loan? These choices can lead to lower interest rates.- Debt to Income Ratio: This measures how your debt stacks up against your income. Lower ratios are a good sign to lenders, potentially lowering your rate.- Market Conditions/Economic Factors: Ever-changing factors like inflation and Federal Reserve policies also play their part.Armed with this knowledge, you’re better equipped to navigate the mortgage landscape and find a rate that works for you. Knowledge is power, especially in home financing! ????#interestrate #mortgagetips #homefinancing #financialwisdom #personalfinance #mortgageadvice #realestatefinance #Sales #downgrading #updagrading #homeownership #firsttimehomebuyer
N.G-Source:CuratedSocal