About Rates

About Rates

The rate of interest charged on a mortgage. Mortgage rates are determined by the lender in most cases, and can be either fixed (stay the same for the term of the mortgage) or variable (fluctuate with a benchmark interest rate). Mortgage rates rise and fall with interest rates and can drastically affect the homebuyers' market.

There are 6 Factors that affect your interest rate:

1. Credit Scores

2. Property Ownership Type (Owner Occupied, Second Home or Investment Property)

3. Downpayment Amount / Loan to Value Equity Percent %

4. Type of Property Type (Single Family Home, Townhome, Condominium, 2-4 Unit Property, Etc.)

5. Escrow with your Loan (Will you allow the bank to pay your taxes and insurance or do you want to)

6. Lock Time Frame (How long will your rate be locked for)

It is our job, to tell you which one of these factors are negatively affecting your rate.  We then would work to see if we can change that.