Mortgages are a mystery to those who have never applied for a mortgage. The most common question: What is the interest on the mortgage?
Technically, a number of factors influence an interest rate of loans. However, the two factors that most influence on the mortgage applicant's credit and the main interest.
Chase Mortgage
Credit rating
Credit rating, sometimes referred to as credit rating or credit rating, is a reflection of how you should handleDebts that are incurred by creditors in the past. If lines of credit with several lenders and you have promised regular payments to creditors under the terms and amounts are based, it is a good credit rating. Today, the score "good" credit is 680 +. If you have established lines of credit lenders and not yet paid, your credit rating will be poor and your credit score is below 550
Prime Rate
The prime rate is the rate that isBasis for all mortgage loans. It is determined by the banking sector and the banks charge interest based company to borrow money. When you hear the news of falling interest rates, expect mortgage rates drop when you hear about an increase, mortgage interest rates may also increase long.
Putting it all together
The general rule is that those who qualify as "good credit" for the lowest mortgage rates available to those with "bad credit" to pay interest ratesPrices. And since the interest rate is fixed regardless of the credit to qualify for the interest at base rate plus an individual claim based on their creditworthiness. Got it? Well!
What are mortgage rates based on?
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