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.
- 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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