![]() The local county tax assessor’s office can give you the rate for your county. You pay this tax annually, semiannually or as part of your monthly mortgage payments (escrow). The specific percentage varies dramatically from county to county in every part of the country. Property taxes are a fixed percentage based on the tax assessor’s appraised value of your home that you pay to the county in which the home is located. ![]() Once your closing date has been selected, we will be able to provide you with the exact amount of prepaid interest required for your loan so you can plan accordingly. It covers the interest that accrues on your loan from your closing date until the last day of the month. Prepaid interest varies depending on which day of the month you close. Prepaid interest represents funds for the initial payment of interest on your loan. It is highly recommended that you obtain loan pre-approval when shopping for a home, so that you can put in an offer and subsequently lock in the rate for your home loan.Borrowers with higher credit scores may qualify for a lower rate, because the risk that they may default on the loan is considered to be lower. If you have a poor credit score, you may only qualify for a higher mortgage rate, because a lender can recoup most of the loan amount at a faster rate if the rate is higher. ![]() Your credit score is another important factor in determining your mortgage rate. Your location affects your mortgage rate, and may vary from 0.25% to 0.5% between lenders on any given day, depending on local laws, the competition for lenders, fees, and closing costs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |