Mortgage rates change on a daily basis. Actually, they change several times per day and vary depending market conditions. Your unique situation and your goals play the biggest role in determining your interest rate. Did you know that YOU get to select your own interest rate? That’s right! We don’t tell you what rate you get. You chose your rate from a list of options. I will personally walk you through qualifying for your new mortgage and how to select the right interest rate for YOU. Find out today’s interest rates!
What’s in an Interest Rate?
There are many factors affect your mortgage rate? Here are just a few examples:
- Loan Type – Purchase or Refinance
- Purpose – Primary, Secondary or Investment
- Loan Amount – Conforming or Jumbo
- Credit History – Excellent or So So
- Down Payment – 20%+ or Low Down Payment Program
Basically, the interest rate is based on a risk factor determined by the lender. With so many factors being considered and a market moving daily it’s a good idea to have an experienced loan officer in your corner.
Different Loan Types Have Different Interest Rates
Rates will also vary by program. Each has different qualifying criteria. You will chose your own interest rate based on your goals.