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What determines the interest rate?
Primary Mortgage Market Survey
Rates depend on many factors, including (but not limited to):
- Loan program
- Loan type
- Loan amount
- Down payment
- Credit score
- Credit profile
- Debt to income ratio
- Purpose (purchase or refinance)
- If refinance, cash out or rate and term?
- Occupancy (residence, 2nd home, investment)
- Property type (Single family, 2-4 family, condo, other)
- Property location
- Loan to value to value (LTV)
- Lock period
- Market conditions (Rates change constantly)
Many lenders and brokers often advertise low rates to attract customers, who then may not get these rates. It is for that reason that I will only post national average rates for information purposes. And with respect to YOUR rate - I will give you a best rate guarantee. Until you have locked your rate, feel free to shop around all you like to keep us honest! - Paul