What Determines Mortgage Rates On Home Loans in 2019

What Determines Mortgage Rates On Home Loans in 2019. FHA vs Conventional Which Home Loan is best for you? Mortgage Loans!

What Determines Mortgage Rates On Home Loans in 2019 video duration 4 Minute(s) 37 Second(s), published by Gustan Cho Associates on 10 07 2019 - 19:05:14.

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What Determines Mortgage Rates On Home Loans

* Mortgage Loan Program Is Another Factor On What Determines Mortgage Rates

The longer your mortgage term is, the higher your mortgage rates will be. A 15 year fixed rate mortgage will have a lower mortgage rate than a 30 year fixed rate mortgage loan term. Adjustable Rate Mortgages have lower mortgage rates than fixed rate mortgages.

* Occupancy Types Affect Mortgage Rates

Occupancy types will have an impact on your mortgage rates. An owner occupant and/or second home will have lower mortgage rates than an investment home.

* Property Type Impact Mortgage Rates

The type of property you purchase will have an impact on your mortgage rates. A condominium is considered a riskier mortgage loan than a single-family home. Mortgage rates on a condominium loan will be higher than a mortgage loan on a single family home.

* Loan Amount Impact Mortgage Rates

The mortgage loan amount will have an impact on mortgage rates.

- Smaller loan amounts of less than $100,000 will have higher mortgage rates than loan amounts of $200,000
- Also, conforming loan limits are at $484,350
- Many counties in California are located in high-cost areas
- The conventional loan limits may be $726,525
- High-cost areas in California, as well as other parts in the country where the loan amount exceeds the conforming limits of $484,350, will have higher mortgage rates

* Subordinate Financing Impact Mortgage Rates

If you decide to get a second mortgage the same time you get a first mortgage, you may get higher mortgage rates on your first mortgage.

For more information on this topic and/or other mortgage-related information, please contact us at Gustan Cho Associates Mortgage Group at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

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