Mortgage Rates 101

Quite often I am asked, "What are the current mortgage rates"?  With the mortgage market today, this is not an easy question to answer anymore.
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There are things to consider when it comes to mortgage rates:

1.    Is this a purchase, renewal or a refinance?
2.    If you are purchasing, how much is your down payment? Is it more or less than 20%?
3.    What is your credit score?  It is Good or Bad?
4.    When is the closing date?
5.    Is this a rental property or owner occupied property?
6.    What is the value of your current property in comparison to the amount of mortgage you may be requesting?
7.    What amortization are you looking for, 25 or 30 years?

When you inquire into the best 5 year rate, keep in mind that there are many factors that can impact that rate.

Let me help you navigate through todays mortgage market. Give me a call!