3 Things You Need To Know About Mortgage Rates With Our Guest Industry Expert SaraRose Christodoulou
Our guest expert SaraRose Christodoulou shares 3 things you need to know about mortgage rates so you can confidently navigate your home buying process.
Let's talk mortgage interest rates!
Mortgage rates play a vital role in your mortgage and so today we’re tackling 3 key things you need to know to make sure you’re ready to confidently navigate your home buying process.
Rates Impact How Much You’ll Pay
While things like the presence of a downpayment and the type of loan could impact how much you pay over time, so can your mortgage rate.
In fact, your mortgage rates determine how much you'll pay in interest and ultimately over the lifetime of your loan.
Variabilities In Rates Impact How Much You Get Pre-Approved For
Your interest rate can impact a vital part of your home buying experience.
Variabilities in rates will impact the amount you can get pre-approved to purchase. For example, a difference of 1% in your rate can trickle down to a couple of hundred dollars in your monthly payment.
A Better Credit Score Could Mean A Better Interest Rate
While there are different minimum credit score requirements for different loan products, the better your credit score, the more competitive your interest rate will be.
For example, if the publicized rates are in the mid-3's, if your credit score is on the lower side of the minimum threshold, you might qualify for a rate in the high-3's or low 4's.
An Invitation To Connect With SaraRose
As a trusted industry expert and my go-to mortgage professional, SaraRose is a phenomenal guide to the mortgage lending process.
Since every person's financial situation is unique, SaraRose would be happy to chat with you about yours! Even if buying a house is a far-off thought, you can still game plan your path to homeownership now!
Loan Officer, NMLS#1686268
Follow Me on Instagram: @somthingsara
*Greenway Mortgage Funding Corp, NMLS#374480, 107 Tindall Road, Middletown, NJ 07748. Licensed by the NJ Department of Banking and Insurance. For complete licensing information go to www.nmlsconsumeraccess.org.
Equal Opportunity Lender.*