Question of the week: What will my interest rate be?

To kick off our Question of the week, we decided to start with the basics…

Q: What will my interest rate be?

A: Your interest rate is determined by a number of different factors.

Such as: 

  • What type of loan you are applying for—Conventional, FHA and VA –fixed versus adjustable rate
  • Credit Score—the higher ones credit score-the lower the rate
  • Percentage of Sales Price that you are using –depending on the loan type-a larger down payment can decrease the interest rate
  • Term of loan—30, 20 or 15 year
  • Loan Size

For more information or to ask another question, please contact our Mortgage Professional Norah Gondeck.

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