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Factors Affecting Your Interest Rate

What Are the Factors That Will Affect Your Rates?

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Like all the other aspects of this process there are many issues that will come to bear when figuring your interest rate. A comprehensive overview of all of these factors will help lenders determine what your interest rate will be.
  • Your Past Credit and Payment History Behaviors.
    As you have learned from reading through the other sections of this tutorial, your past behavior relative to honoring past and current loan and credit accounts, is pertinent to your ability to secure future financial assistance from credible lenders. Just one delinquent payment, for any type of credit extended to you, that was allowed to go over the 30 day mark, will reflect back on your credit status far into the future because it was most likely automatically reported to the credit bureaus. And, this will affect your future interest rates for new financing of other loans you may wish to secure.

  • Who Will Occupy the Premises?
    If you are the occupant or using this property as a second or vacation home will enable you to secure lower rates of interest and conversely, if it is a investment or rental property your rates will be higher.

  • The Type of Property Is Also a Mitigating Factor.
    Is it a one-family home or a condo you are seeking? Is your future residence pre-built or manufactured? Is it going to be up for rent and fall into the income property bracket? These are all also big considerations that will be looked at in the overall process. Each of these types of dwellings carries different levels of value and risk for the lender and will thus be assigned differing interest rates when used as collateral for a mortgage or refinancing.

  • What Is an LTV?
    The LTV is the comparative value of the loan and the down payment or equity when they are compared to each other. One more factor that is examined by the much sought after lender. The better the ratio here, again, the better your rate.

  • Debt to Income Ratio:
    There is a formula that will be applied to your financial status relative to the amount of steady income you have and the amount of debt that you may have already amassed. This ratio figure will also contribute to the factoring of your interest rate and ability to repay the loan. The higher the ratio figure the higher the rate could be.

  • The Points Assessed Will Have Bearing.
    As we mentioned in a previous section, you can pay points to reduce the amount of interest that you will be paying. Do not forget that this will cause your initial costs to rise a bit, check with the lender to determine how much affect this will have on the overall picture.

  • What Is the Overall Loan Amount? It too Can Have Bearing on Your Rate of Interest.
    Just as it states, the amount borrowed will be an influencing factor. Typically the more you borrow the lower the rate, but check this out fully, too.

  • Where Are You Located?
    Regulations differ from locale to locale and different interest rates will apply depending on where you are choosing a property location.

  • How Does a Fluctuating Market Affect Your Rate?
    The US Government has what is know as, the Federal Reserve Board, and one of their functions is to raise and lower interest rates to hopefully stimulate the economy and also keep the national economy in a pattern of growth. ARMs are linked to an index of rates, and thus the rate of interest can fluctuate in a corresponding manner through the life of the loan.

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