Norfolk VA – Interest rates remain low and are forecasted to remain steady for the next several months. Many people are entering the housing market to take advantage of the low mortgage rates; however, it is important to note that the interest rate for your mortgage is affected by several factors, including your credit history, and the type of property you wish to purchase. If you are considering buying a home in Norfolk VA this spring, be sure to keep these factors in mind, as they are the influencers that will affect your mortgage interest rate.
- Credit Score – It’s true that your credit score is one of the most important factors in determining the rate of your mortgage.
- Property Type – There may be pricing adjustments for condominiums and multi-family properties as opposed to a single-family purchase.
- Loan to Value – This is your down payment for a purchase. The lower your loan to value (LTV), the better your interest rate may be.
Shannon Allen, Realtor
Judy Boone Realty | 809 E Ocean View Ave | Norfolk VA
(Cell) 757-647-3126 |(Office) 757-587-2800