Two Things You Need to Know About Mortgage Interest Rates

Number 1 – There are 7 factors that determine your rate. According to the Consumer Financial Protection Bureau, your credit score, home location, home price, loan amount, down payment, rate type, and loan term and type can all affect your rate.

Number 2 – Your interest rate and annual percentage rate (APR) are different. Both are expressed as a percentage, but your interest rate is the cost you pay each year to borrow money. An APR is a broader measure that includes your interest rate, points (if applicable), and other charges you may pay to get a loan. It’s what allows you to compare one lender’s offer to another.

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