There are many factors that impact mortgage interest rates. The two main areas are market driven and borrower driven. For this discussion we're going to cover the personal factors that determine a rate. I can't tell you how many times loan officers receive a phone call and the person on the other end simply states, “What is your rate today”? What most people don't understand is there are a lot of personal factors that go into determining a rate. These are the most common factors listed below.
So to sum it up, it would be reckless of a loan officer to just shoot from the hip and quote a rate without having all of the determining factors.
Scott Dunn is a retired Air Force veteran and residential mortgage loan originator with Morgan Financial.
NMLS ID#: 1448245
CO NMLS ID#: 318525
Morgan Financial
1441 N. Harbor City Blvd.
Melbourne, FL 32935
Direct Line: 321-722-7513
Main Office: 321-757-3570
We are committed to providing an accessible website. If you have difficulty accessing content, have difficulty viewing a file on the website, notice any accessibility problems, or should you require assistance in navigating our website, please contact us.
©Copyright - All Rights Reserved
Website Powered by National Association of REALTORS®