Get a great mortgage interest rate at eLEND
Every home buyer knows that it’s important to get a great mortgage interest rate when financing a home. A lower rate means lower payments and less money spent on interest over the life of the loan. But with so many types of mortgage loans available from a myriad of lenders, it can be challenging to know which program is the right one for you. It’s not just a matter of who offers the lowest mortgage interest rate — you also have to consider other variables such as points, money down, length of the loan and terms of the mortgage to decide which program makes the most financial sense.
eLEND can help. As a leading mortgage broker, we offer access to a variety of highly competitive mortgage programs and can help you find the home loan with the best mortgage interest rate for your financial goals. Our knowledgeable mortgage consultants provide unparalleled experience and exceptional service with a personal touch to help make the mortgage process easier to understand and less stressful to complete.
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What affects the mortgage interest rate?
When you apply for a mortgage, the mortgage programs and home mortgage interest rates offered to you will depend on a number of factors. These include:
- Your credit score and credit history — the better your score, the lower your mortgage interest rate is likely to be.
- Your annual income and the amount of debt you owe — mortgage lenders want to make sure you can afford the terms of your loan.
- The purchase price of the property and the amount of money that you will have invested in it — the more expensive the property and the less money you have in it, the higher your mortgage interest rate is likely to be.
- The type of property — the mortgage rate for financing a single-family home will likely be lower than for an investment property or vacation home financing.
- The type of mortgage program — government-backed programs like VA loans, FHA loans and USDA loans offer lower-interest mortgages and low- or no-money down payment options. Adjustable-rate mortgages offer a low rate for an introductory period, after which the rate is likely to go up and to change year-by-year. Fixed rate mortgages offer a consistent payment, but the mortgage interest rate will tend to be somewhat higher. Jumbo mortgage rates, for loans on higher-value properties, will be even somewhat higher due to the added risk to the mortgage lender.
Refinance with a low mortgage interest rate
Mortgage refinance rates also vary by mortgage program and are dependent on other factors. Your eLEND mortgage consultant can help you to choose the best mortgage based on your reasons for refinancing.
Learn more about getting a low mortgage interest rate with eLEND, and use the mortgage loan calculators on our website to determine how large a mortgage you can afford.