The Mortgage Rate You See Online May Not Be YOUR Mortgage Rate
If you’ve been thinking about buying a home, chances are you’ve been keeping an eye on mortgage rates. And if you’ve seen a headline about rates going up, you may have thought: “Well, I guess I’ll just wait.” Before you put your homebuying plans on hold, there’s something important to know: The mortgage rate you see online isn’t necessarily the rate you would receive. There Isn’t One Mortgage Rate for Everyone Those rates you see in the news, online, or on social media are helpful for showing us the general direction of the market. But they aren't a personalized quote. Your actual mortgage rate depends on several factors specific to you , including: Your credit score and credit history Your debt-to-income ratio The amount of your down payment The type of loan you're using The length of the loan The property you're purchasing Your overall financial situation That means two people buying similarly priced homes could potentially receive different interest rates. This is one ...