Mortgage rates are ever-changing, but our experts are here to provide clarity and guidance.
The financial landscape is constantly changing, and this has a significant impact on your home-buying journey, particularly when it comes to mortgage rates. Whether you’re looking to buy your first home, already have an expansive property portfolio, or want to refinance an existing mortgage, understanding how mortgage rates work can save you a significant amount of money over the life of your loan. If you’re in the Bloomingdale, Georgia area, our team at Harbor Mortgage Company would be happy to work with you and provide the key insights and assistance you need.
One of the first things you need to know is that mortgage rates fluctuate based on much broader economic factors and policies. Because of this, it’s not uncommon to see significant changes over a short period of time. That’s why working with a skilled team like ours is so crucial — we stay on top of trends and can provide the information you need to make strategic decisions on your home-buying journey.
What Influences Your Mortgage Rate
There are a few factors that determine the rate you’ll be offered. They include:
- Credit Score: Higher scores tend to qualify for better mortgage rates, and even a small credit score change can make a big impact.
- Down Payment Amount: The larger the down payment you can provide, the better your rate tends to be, thanks to lower lender risk.
- Loan Term: 30-year fixed mortgages are the most common, but it’s worth exploring other terms to see if they suit your situation better.
- Loan Type: Conventional, FHA, VA, and USDA loans all come with their own rate structures that are based on their unique requirements.
- Property Type: In general, single-family homes tend to get better mortgage rates than condos, multi-family units, or investment properties.
While lower mortgage rates are often at the forefront of a buyer’s mind, the “best” mortgage is one that combines the right rate, terms, and lender relationship for your unique situation. Our team is here to help you navigate that process and find a solution that fits your needs and goals.
Reach out today to talk with our team about current mortgage rates and other factors that may impact your home-buying journey!
At Harbor Mortgage Company, we offer great mortgage rates to those in Savannah, Bloomingdale, Fort Stewart, Garden City, Georgetown, Hinesville, Pooler, Port Wentworth, and Richmond Hill, Georgia, as well as Bedford, Carrollton, Colleyville, Coppell, Flower Mound, Grapevine, and South Lake, Texas.