What are the Factors That Impact Your Interest Rate?

    It’s no secret that a lower interest rate can mean significant savings over the life of your mortgage. Although interest rates are largely dictated by market performance, there are other factors that influence the rate you receive. When comparing your loan options, it helps to know how your interest rate was derived and what mistakes to avoid when shopping around.

    In addition to market performance, home loan interest rates are influenced by six major factors: loan amount, loan type, loan duration, discount points, closing costs, and credit score.

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