Have you ever spoken to someone who was purchasing or refinancing at the same time as you only to find that your rates were completely different? That’s because there are several factors that go into determining what interest rate you will get on your mortgage. Interest rates are all based on risk — the higher the risk, the higher the interest rate!

A few key factors to consider:

• Occupancy - whether the property is your principal residence, second home, or an investment property
• Property Type - is it a single family home, multi-family residence, or a commercial property
• Credit Score - the better your credit score, the better your interest rate
• Loan to Value - the more money you are able to put down for a down payment, the lower the risk
• Loan Product - do you have a conventional loan, FHA, or other type of product

Some other factors that determine rate include home location, home price, loan term, and interest rate type. Effective March of 2023, there will be new changes to Fannie Mae and Freddie Mac pricing which will now make your debt to income a factor of your interest rate. If you have any questions on how your interest rate was determined, contact your lender to have a discussion!

— Amanda Bernadini, Loan Originator

‍

CONTRACTORS WE RECOMMEND

A great contractor is someone you can rely on to get the work done on schedule and within the budget. That is why The Giambra Team recommends the following people to do the job!

Jim Cronin — General Contractor

716-907-2245

Jim has a background in construction since he was 16 years old where he developed his attention to detail and commitment to excellence in the quality of workmanship and has grown his team to a point where they can handle most general contracting jobs for all types of commercial contracting. Jim is the man but moves with grace and you can always count on him.

Calvin Kyle — Plumber

716-517-7714

If you’re looking for a local, full service plumber who provides high quality work and excellent client care at an affordable cost, Calvin is your guy! Rest assured whether you need a repair or full installation, he will make sure that it is done correctly and on time!

‍

‍