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25 Criteria that Influence Mortgage Rates.
25 Criteria that Influence Mortgage Rates.
What every home buyer wants to know is “what is my mortgage rate?” To get the correct rate for each individual’s situation requires many parameters. Here is a list of 25 criteria that would influence your mortgage rates.
Loan Size ~ are you getting a Conforming loan, a Conforming Jumbo loan or a Jumbo loan? LTV ~ Loan to Value ratio. CLTV ~ Combined Loan to Value ratio when more than one loan is used to purchase property. Credit Score ~ Your FICO score will determine if you pay a higher interest rate. Check your FICO score at myfico.com. Credit History ~ Having you been paying all your bills on time??? Escrow Preference ~ Let the mortgage company escrow your taxes and insurance payments. Closing Date ~ You can lock in a mortgage rate for only a limited time period (usually 90 days or less). Plus the mortgage process has certain laws and time tables they must follow. Loan Type ~ 30 year, 20 year, 15 year fixed rate, ARM ~ adjustable rate mortgage, and Balloon mortgage. Property Type ~ Primary residence, vacation home, rental property, commercial property, land sale? Occupancy Type ~ Primary home, part ... more

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