|What’s Going On With Mortgage Rates?
2020 seems to be the year for mortgage rates! As of December 17, 2020, current mortgage rates have hit another record low for the 15th time this year. One could say that mortgages and mortgage refinances have been the one silver lining of the ambiguous political and economic climate this year.
While shopping around and finding the perfect mortgage fit for you, note that there are plenty of factors that are considered upon submitting your application. Items such as credit scores, loan terms, interest rate types, down payment, home location, and the loan size in general can all have an impact on your application. .
Other factors will affect how much you’ll pay each month, too. Items such as your PMI, closing costs, loan term, taxes, HOA fees, insurance, and even the type of loan (i.e. fixed vs. ARM) can each play a large part in your monthly payment.
Lastly, consider the type of mortgage loan you might need. Veterans and active-duty service members should take advantage of VA loans offered. Whereas first-time homebuyers should shop around and seek discounts.
Ultimately, finding the best mortgage shouldn’t be seen as a one-size-fits-all approach. Work with a broker that that you trust will provide hands on assistance to meet your needs every step of the way. Let me how I can best serve you!
December 22, 2020
What’s Going On With Mortgage Rates?
by Jimmy Humrich