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Your Mortgage Rate Sheet

Posted on March 15, 2014

The 2014 housing market predicted increasing home values, decreasing home ownership and rising mortgage rates. That may sound like a bad thing, but this could allow potential borrowers to attain financing for purchasing a home more easily.  Although, with the variety of loans and multiple, changing interests rates, it is easy to become overwhelmed with your financing options.

Looking at the different rate sheets will help you when it comes to finding a mortgage for your new Gulf Coast home. These rate sheets are what lenders use in determining what interest to charge you upon applying for a loan.

Most sheets start at the same base rate and change daily based on the government prime interest rate. Before you sit down and study these sheets, keep in mind you will want to have an idea of the type of loan you are interested in.

Your rate sheet is based off of costs, including loan size, location and credit score. Be it positive or negative, these costs represent the amount of risk you bring to the table as a borrower. Adding these factors will give you a rough estimate of your interest-rate points.

Calculate in your range term and you are one step nearer to closing. Remember though, the shorter the range term, say 15 days instead of 75 days and the less it costs to lock the rate in.

For more about your mortgage rate, contact Brad Shoults at 850-269-9999.

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