Published Mortgage Rates Can Be Misleading
All banks and lenders use risk-based pricing models to determine the final interest rate of a loan. Promotional rate offers published online or sent in the mail are often based on ideal scenarios that do not reflect the borrower’s actual eligibility. No rate quote is final until all of the following factors have been evaluated. This requires a full loan application including a credit report and income documentation.
30 Factors That Influence Your Mortgage Interest Rate
- Loan Amount
- Loan Term (30 / 15 years)
- Loan Purpose (Purchase / Refinance)
- LTV (Loan to Value)
- Property State
- Property Type
- Occupancy (Owner Occupied / Investment)
- Credit History
- Asset Verification
- Relocation
- Concessions
- Employment Status
- Co-Borrower
- Rate Lock Period
- Underwriting System
- Loan Type (Conventional / FHA / VA)
- Amortization
- Cash Out Amount
- CLTV (Combine Loan to Value)
- Property County
- Number of Units
- Credit Score
- Debt Tolerance Ratio
- Reserves
- Gift Funds
- Income Verification
- Employment Info
- Citizenship
- Mortgage Insurance
- Inclusion or exclusion of escrow
The mortgage process can be complicated. That's why it’s important to work with a quality lender like the Boles Group at Bay Equity Home Loans. Boles Group lending professionals put the time in to fully understand your financial history as well as your goals for the future.
The loan with the lowest interest rate may not be the best or the most affordable loan available for your circumstances. Working with an experienced loan officer who knows you personally is the most reliable way to find YOUR best loan.
Call the Boles Group at 480-279-0032 to get started.
###
Bay Equity Home Loans – Boles Group is licensed to originate home loans for purchase or refinance in 19 states (AZ, CA, CO, Fl, GA,HI, ID, MN, MT, NC, NM, NV, OK, OR, TN, TX, WA,WI, WY). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.
