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Rates
Understanding Interest Rates
The amount of risk a lender takes will affect the rate offered on a given loan. When the borrower shares more of the risk and/or is considered a low risk, the lender can offer better rates.
Here are some factors that can affect your interest rate:
1. Credit Scores: With higher scores, you can qualify for a better rate.
2. Loan-to-Value / Down Payment: The percentage of equity you have will factor in your rate. Also, with a lower down payment (or equity) you may be required to pay mortgage insurance.
3. Debt-to-Income Ratios: Using a higher percentage of your income for housing and other debt payments can increase your rate.
4. Co-borrowers: Using a co-borrower may limit available loan products, and rates will be determined from qualifications of all borrowers.
5. Condominiums: Lenders have recently increased rates available for condos.
6. Investment Property: Investment properties will have a higher rate than a personal residence, due to a greater risk.
2. Loan-to-Value / Down Payment: The percentage of equity you have will factor in your rate. Also, with a lower down payment (or equity) you may be required to pay mortgage insurance.
3. Debt-to-Income Ratios: Using a higher percentage of your income for housing and other debt payments can increase your rate.
4. Co-borrowers: Using a co-borrower may limit available loan products, and rates will be determined from qualifications of all borrowers.
5. Condominiums: Lenders have recently increased rates available for condos.
6. Investment Property: Investment properties will have a higher rate than a personal residence, due to a greater risk.
Cash Out Loans: Cash Out Loans tend to be a little higher in rate than Rate and Term Loans, because the lender is increasing their risk.
These are just a few of the things that lenders look at when qualifying you for a new mortgage.
Our job is to provide you with the best loan products, at the best interest rate available, for your unique needs. We will put our years of expertise to work for you.
These are just a few of the things that lenders look at when qualifying you for a new mortgage.
Our job is to provide you with the best loan products, at the best interest rate available, for your unique needs. We will put our years of expertise to work for you.
Your loan is our priority™
William Kuhn
President & CEO
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