Everyone wants the lowest interest rate at the lowest costs. Can you get a rate today under 3% with no points? Maybe.

There are many factors that go into an interest rate:

  1. Credit score
  2. Loan-to-value ratio (LTV)
  3. Term of loan- 30 years, 15 years, etc.
  4. Is it for a primary residence, second home or investment property
  5. Purpose, i.e. purchase, finance, or cash-out refinance
  6. Loan Amount
  7. Type of loan, i.e. conforming, jumbo (loan amounts on excess of $510,400), VA, FHA, USDA

Each combination of the above variable determines the rate.

For example, a 700 credit score, 65% LTV, second home, purchase, $300,000 conforming 30-year fixed loan, would have a different interest rate than a 700 credit score, 80% LTV, primary residence, $600,000 jumbo 15-year fixed loan refinance.

There are loan level price adjustments assessed for the above factors that go into determining the interest rate.

So can you get an interest rate under 3% today? You may be able to based on the above factors.

Contact us and we can help you with this decision.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

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