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Factors that Affect the Mortgage Interest Rates

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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

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Factors that Affect the Mortgage Interest Rates

  1. 1. 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 rate. Factors that Affect the Mortgage Interest Rates, Atlanta, GA
  2. 2. 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 risky borrowers. 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.
  3. 3. 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 high risk. 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. 4. 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. Contact Us: Call @ +1 770-988-4537 Mail @ loans@bakercollins.com