Mortgage Rates

As a homebuyer, you are in the driver’s seat to a certain degree. How you’ve handled money in the past is a big factor in how much house you can afford and what your monthly payment will be. For instance, your credit score is a major factor in determining the loan programs and interest rate available to you. So is the amount of money you’re using for a down payment. Another factor you can control is the term length of your mortgage, but note that specific loans may only give limited options. Finally, whether the property will be your primary residence or an investment property will determine your mortgage rate and closing costs.

A Greater Nevada Mortgage consultant can better help you understand all these factors and how they will affect your monthly payment.

When it comes to purchasing a home, as in much of life, there are some things that are simply beyond your control. You’re probably aware that the housing market is a big determinant of how much you’ll pay. In a hot market, homes tend to go for asking price or better, while in a softer market, prices tend to go lower, allowing more room to negotiate or grab a good deal. 

Other factors like inflation, the global economy, the U.S. economy and rates set by the Federal Reserve can also affect your mortgage rate.