Every loan is different and this is cause by key factors that change from loan to loan. There are many factor but these are the main ones to look out for.
Credit Score – Your credit score is a big factor in the loan process. The higher the Credit score the lower your rate will be and visa versa.
Debt Ratio – Debt Ratio is found by dividing your total liabilities by your total assets.
Loan Type- There are many different types of loans and it is best to find the one that best suits you.
Down Payment – The higher the down payment to lower your rates will be.
Loan Amount – the more you ask for will typically cause higher rates.
With all loans being different it is best to call a Loan Officer and get a customized quote and see what a professional can do for you. CHM Lending can find you the best rate because we are brokers and can sort through the different types of loans to find what would be best for you to save you time and money!