Details for MARION HOUSE ADS/NO CHARGE

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ASK-A-REALTOR

Q: If my credit score is excellent, will that lead to any
reductions on interest rates for a mortgage?
A: Yes! It certainly should help in fundamental ways. Your
credit score reflects how well you use the credit you have,
and how reliable you would likely be in paying your mortgage.
But it is just one of the things lenders use to determine the
interest rate they will offer you. Just as important is your debt
to income ratio—your monthly bills vs. your verified income.
Other factors include the amount of the loan—very small
loans and very large loans traditionally carry higher interest
rates; how much you have for a down payment; loan term—
15 or 30 years, for instance; whether it’s a fixed or variable
rate loan; and loan type—VA, FHA, or conventional. Even
where the home is—what state, and whether it’s an urban or
rural property—can affect that all important interest rate. Be
sure to shop around!
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