Boca Mortgage Blog

Mortgage Rates 101

August 12th, 2014 10:52 AM by Leonard Silvestri

A Mortage rate is the rate of interest charged by a mortgage lender. These rates are usually determined by the lender and are normally set as fixed or variable rates which is also determined by the lender. In the securing of a mortgage rate several factors pertaining to the borrower also come into play. The borrower's income level, credit score and financial history weigh heavily on the rate assigned to their purchase.

The cost of the mortgage and the final monthly payment owed on the purchase is strongly impacted by the assigned rate. We recommend that borrowers aim for the lowest rate possible, leaving room for unexpected variables in their overall budget. If you would like more information about mortgage rates from an experienced mortgage broker in Boca Raton contact our office today!

Posted in:General
Posted by Leonard Silvestri on August 12th, 2014 10:52 AM


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