{"id":7871,"date":"2022-10-12T10:00:52","date_gmt":"2022-10-12T10:00:52","guid":{"rendered":"https:\/\/thezakariagroup.com\/four-things-that-help-determine-your-mortgage-rate\/"},"modified":"2022-10-12T10:00:52","modified_gmt":"2022-10-12T10:00:52","slug":"four-things-that-help-determine-your-mortgage-rate","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/four-things-that-help-determine-your-mortgage-rate\/","title":{"rendered":"Four Things That Help Determine Your Mortgage Rate"},"content":{"rendered":"
\n

\"Four<\/p>\n

If you\u2019re looking to buy a home, you probably want to secure the lowest interest rate<\/a> possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically<\/a>.<\/span><\/p>\n

If you\u2019re looking for ways to combat today\u2019s higher rates<\/a> and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.<\/p>\n

Your Credit Score <\/strong><\/h4>\n

Credit scores can play a big role in your mortgage rate. Freddie Mac<\/em> explains<\/a>:<\/p>\n

\n

\u201cWhen you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you\u2019ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate<\/strong><\/em>.\u201d<\/p>\n<\/blockquote>\n

That\u2019s why it\u2019s important to maintain a good credit score. If you want to focus on improving your score, your trusted advisor can give you expert advice to help.<\/p>\n

Your Loan Type<\/strong><\/h4>\n

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau<\/em> (CFPB) says<\/a>:<\/p>\n

\n

\u201cThere are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose<\/strong><\/em>.\u201d<\/p>\n<\/blockquote>\n

When working with your real estate advisor, make sure you find out what\u2019s available in your area and which types of loans you may qualify for.<\/p>\n

Your Loan Term<\/strong><\/h4>\n

Another factor to consider is the term of your loan. Just like with location and loan types, you have options. Freddie Mac<\/em> says<\/a>:<\/p>\n

\n

\u201cWhen choosing the right home loan for you, it\u2019s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan<\/strong><\/em>.\u201d<\/p>\n<\/blockquote>\n

Depending on your situation, the length of your loan can also change your mortgage rate.<\/p>\n

Your Down Payment<\/strong><\/h4>\n

If you\u2019re a current homeowner looking to sell and make a move, you can use the home equity<\/a> you\u2019ve built over time toward the down payment<\/a> on your next home. The CFPB explains<\/a>:<\/p>\n

\n

\u201cIn general, a larger down payment means a lower interest rate, <\/em><\/strong>because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do it\u2014you\u2019ll usually get a lower interest rate<\/strong><\/em>.\u201d<\/strong><\/p>\n<\/blockquote>\n

To learn more, connect with a lender to find out the difference a higher down payment can make for your new mortgage.<\/p>\n

Bottom Line<\/strong><\/h3>\n

These are just few factors that can help determine your mortgage rate if you\u2019re buying a home. The best thing you can do is have a team of professionals on your side. Connect with a local real estate professional and a trusted lender so you have the expert advice you need in each step of the process.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically. 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