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The Baker Collins & Co. is group of private money lenders in Atlanta GA provide Home Loan that helps you to fulfill your dream of owning your home. We offer desirable home loan, fix and flip loans, Georgia for salaried and self-employees. For more details visit out official website. www.bakercollins.com
There are various factors those affects the interest rates of the applicants. This is
a common query among home buyers and mortgage shoppers, particularly
those who have never been through the process before. In this article, we will
discuss about the factors those are responsible to affect the mortgage interest
rates, Atlanta, GA.
The truth is there are many factors that can impact the interest rate on your
home loan. Your credit score, selection of loan type and whether or not you
use “discount points” are three of the biggest factors. But there are others as
well. So let’s take a look at the different things that can affect your mortgage
Factors that Affect the
Mortgage Interest Rates,
The main factors are:
The main factor that affects the mortgage rate is the risk. No doubt, leading
and banking both are the risky business due to the reason that sometimes
borrower fail to repay his/her debt. Those persons are known as “default".
Generally speaking, riskier borrowers are charged higher interest rates than less
Learn more about risk-based pricing. This is one of the primary factors that
will influence your mortgage rate. Private money lender, Atlanta takes care
of all the basic requirements before selling any assets on installments.
2. Credit Score:
Credit scores play important role in the case of loan factor. It is a 3-digit
numbers. The Credit score is based on the information from your borrowing
history. If you are a regular customer and pay all the bills and installments on
time and min has a low credit balance then you have a good credit score.
On the other hand, if you are not paying bills on time and skip some
installments and then it decrease your credit score. Mortgage lenders used this
score for the risk analysis with other factors. The person with high credit score
is considered as a low risk and person with low credit score is considered as
3. Size of down payment:
The another term put deep influence on the interest rate, the amount of you
are willing to put down on the loan can also influence your interest rate. And
once again, it has to do with risk. If you are making a larger down payment
results in a lower loan-to-value (LTV) ratio, which also reduces the level of risk
for the lender. On the contrary, a smaller down payment results in a higher
LTV, and could therefore result in a higher mortgage rate.
4. Type of homes you are willing to buy:
As we, all know different types of properties have different type of risk involved
with based on the historical likelihood of default. So, by extension, the type of
property you are buying can also affect your mortgage rate. Generally, homes
related to single family of lower rate as compared to the joint family.
Properties purchases on vacation and second hand home tend to have a higher
default rate. Lenders often charge higher rates for “riskier” properties, not to
mention imposing stricter underwriting guidelines. Apartment homes in
Atlanta the analysis risk factor first, then further proceed the application.
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