WHAT ARE THE CURRENT MORTGAGE RATES? HOW LONG ARE THEY GOOD FOR?
When it comes to getting a home mortgage, there are many factors that will determine the interest rate you will be offered. Your credit score, the size of your down payment, and the type of loan program you choose are all important considerations that can affect the interest rate you receive. So whether you’re buying your first home or refinancing an existing one, it’s important to know what options are available and how they can impact your interest rate.
One of the main determinants of your interest rate is your credit score. Lenders will look at this number to evaluate your financial health and risk as a borrower. Generally speaking, the better your score, the lower the interest rate you will qualify for. This is because a high credit score indicates that you are more likely to be able to repay your mortgage on time, making you a less risky borrower in the eyes of lenders.
In addition to your credit score, the size of your down payment will also play a role in determining your interest rate. The larger the down payment you can afford to make, the more equity you will have in your home, which will help to lower your interest rate. Likewise, a low down payment may increase your interest rate, as it signals less financial security on your part.
Finally, the type of mortgage program you choose can also impact the interest rate you receive. There are many different programs available, including conventional loans, government-backed mortgages, and more specialized loan options for first-time homebuyers and other groups. Each program offers different rates, so be sure to do your research and choose the one that best meets your needs. With the right preparation and knowledge of all the factors that impact interest rates, you can get the mortgage you need at a rate that works for you.
If you would like to sit down with me and review your unique situation I would love to help. Give me a call at 509-737-7161 to get an appointment scheduled.
Thanks,
Jeremy Brock NMLS 1170125
Branch Manager Cornerstone First Mortgage
509.737.7161 CELL
jeremy.brock@cfmtg.com
