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What Determines Your Home Loan Interest Rate?

Interest rates for home mortgages are often times a bit more complex than meets the eye. Not only do they move on a daily basis, but the interest rate you receive on a particular home loan can vary greatly, depending on host factors.
 
In this article, we will discuss some of the most factors that do determine what interest rate you will receive on a home loan.
 
Your Credit
Your credit score will play a major role in determining your interest rate. In general, someone with a 620 credit score will receive a worse interest rate than someone with a 760 credit score.
And someone with a 580 credit score might be able to obtain an FHA loan, but not a Conventional loan.
Credit is key and often times the biggest factor in determining your interest rate.
 
Your Down Payment or Equity
If you are purchasing a home, the amount of your down payment will also affect your interest rate. The lower your down payment, the generally higher your interest rate will be.
The same goes on a refinance, with equity in a home being a factor in the interest rate received.
 
Your Closing Timeframe
Generally, the quicker you can close your home loan, the more advantageous the terms of ... more

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