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Factors that Determine Interest Rate
Dated: September 12 2023
There are several factors that determine the interest rate:
Homebuyers can pay higher interest rates on loans that are particularly small or large--home price plus closing costs minus your down payment.
Rates can be significantly different depending on what loan type you choose
In essence, the larger the down payment, the lower the overall cost to borrow.
Generally, people with higher credit scores receive lower interest rates than those with lower credit scores.
Many lenders offer slightly different interest rates depending on what state you live in.
Rates can be significantly different depending on what loan type you choose.
In general, shorter term loans have lower interest rates and lower overall costs, but higher monthly payments.
Each case works differently. It’s important to remember that we cannot take only one factor into consideration; it’s the combination of them what determines your specific interest rate. This is why, it’s crucial that you work alongside a REALTOR® and a Loan Officer. They have the expertise that will guide you through the homebuying process so that you can rest confidently in knowing they got your back.
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