Interest Rates are So Low!

Did you know that interest rates are still incredibly low? Historically low rates. Unbelievably low rates! And did you know that a 1 point shift in interest rates is tantamount to about 10% of your monthly mortgage payments (full Principal, Interest, Taxes and Insurance)? That's around 1 less payment a year that you could potentially save with each 1 point shift in interest rates. 1 less payment a year!

If you want to see what the rates are today, click here.

Here is another little known fact: The interest rate that you receive will be different than what someone else will receive today. Besides the fact that interest rates change everyday, and interest rates differ from different "lenders", interest rates are fairly unique to you--the borrower. Do you know why? Lenders look at your credit profile to help determine how much or how little of a risk you are to give you a loan. Mortgage banks want to know your credit history (via your FICO scores), how much you make compared to how much you spend each month (Debt to Income Ratios), how much you have in assets, how much the new property is worth (this is determined by a new independent appraisal of the property), and how much money you are going to put down on the property. All of these factors help determine your individual risk--and your rates and loan approval are tied to your collective risk to purchase this property. 

Want to know more?


(Disclaimer: I am not a Mortgage Lender, or a Financial Counselor. I am a Realtor. If you want to meet some of the best mortgage lenders in the Austin area, let me know. I would be happy to introduce you to a couple of them to answer your specific mortgage questions).

Call me. Let's talk.

Tweet

Subscribe to receive free email updates: