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What Are Mortgage Interest Rates Right Now?

When you’re a personal mortgage advisor, you get this question a lot. And, it’s a tough one to answer because—it depends. Several factors are taken into consideration when I pull interest rate quotes, and I’ve included a list of them for you below:

1) Purpose of the loan (purchase, rate-term refi, cash-out refi, etc.)
2) Loan amount
3) Loan to value (loan amount divided by the property’s value)
4) FICO score
5) Property type (single family, condo, townhouse, etc.)
6) Occupancy type (primary, second home, or investment property)
7) Loan type (conforming, FHA, VA, USDA, VHDA, etc.)
8) Loan term (30 years, 15 years, etc.)
9) Amortization type (fixed or adjustable)
10) Lock period (30 days, 45 days, 60 days, etc.)

Let’s look at two scenarios based on today’s pricing:

Scenario 1:

1) Purpose of the loan-Purchase
2) Loan amount- $200,000
3) Loan to value- 80%
4) FICO score- 760
5) Property type- Single family
6) Occupancy type-Primary residence
7) Loan type- Conforming
8) Loan term- 30 years
9) Amortization type- Fixed
10) Lock period- 30 days

Rate Quote: 4.25%

Scenario 2:

1) Purpose of the loan-Purchase
2) Loan amount- $60,000
3) Loan to value- 80%
4) FICO score- 680
5) Property type- Single family
6) Occupancy type-Primary residence
7) Loan type- Conforming
8) Loan term- 30 years
9) Amortization type- Fixed
10) Lock period- 30 days

Rate Quote: 5.0%

You definitely need to keep this in mind when you’re looking for a personal mortgage advisor. You might see some great teaser rates online, but if they aren’t taking into consideration all of the factors above, then they won’t do you any good.

If you are considering purchasing or refinancing in Richmond, VA please contact me for a free mortgage consultation. To stay informed, follow me on Twitter and like me on Facebook.

If you are interested in purchasing or refinancing in one of the following states, please contact me and I will be happy to connect you with a licensed loan officer in your state: Maryland, Delaware, Connecticut, Florida, Georgia, Maine, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Washington D.C., or West Virginia.

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