Mortgage Loan Dream
The American dream – the house with a white picket fence and two children. At one point in our country’s history, the American dream was the ideal to strive for. While the definition of this dream has changed over the years, home ownership is still a source of pride. While getting the best mortgage loan interest rate is important, there are many factors to consider and many questions you must answer in order to reach your home ownership dreams.
Mortgage Loan Factors
Depending on if you are purchasing a home or refinancing one, the mortgage loan rate is dependent on your answers to the following questions:
Are you purchasing a home?
- How much can you afford for a down payment?
- What is your credit score?
- What will your term be (shorter term means a lower rate but higher monthly payment)?
- Do you want a fixed or adjustable rate mortgage loan?
Are you refinancing a home?
- Are you refinancing for the first time, and if so what is your current mortgage loan rate and term?
- Will you be refinancing a second mortgage loan (fixed home equity or home equity line of credit)? This will affect the rate simply because it’s a second mortgage loan.
- Do you want to borrow more than what you already owe on your first mortgage loan?
- What is your credit score?
- What will your term be?
Don’t let these questions overwhelm you. Once you know the answers, you’ll be that much closer to buying or refinancing a home and receiving the best mortgage loan rate. Our mortgage experts are ready to walk you through the process when that time comes.
