Why is MY rate DIFFERENT? 🤷‍♀️ | Homespire Mortgage

Mortgage interest rates are not one-size-fits-all.
Everyone’s situation is unique, and every mortgage, including the interest rate you receive, is tailored specifically to you and your situation.
Here are some factors that impact the interest rate for a specific loan:
➡️ Loan Level Price Adjustments (LLPAs) - Offered rates are based on LLPAs or risk factors. A high loan to value ratio (LTV) or low credit score, for example, carries higher risk and, therefore, a higher price.
➡️ Loan Type - An adjustable rate mortgage (ARM) can provide a lower starting rate vs. a fixed rate loan.
➡️ Loan Terms - Shorter terms equal lower rates as equity builds more quickly, reducing the lender’s risk.
➡️ Combined Factors - The combination of certain factors work together to impact final pricing. For instance, as credit scores improve, the rate differential for LTV changes are less pronounced.
Securing a good interest rate requires balancing the different factors for your particular scenario.
Fortunately, Homespire excels at balancing acts. Ready to see what rate YOU qualify for? Homespire can help.
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Homespire Mortgage Corporation. Equal Housing Lender. All Rights Reserved. NMLS ID # 183215.
Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395 This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.