Mortgage rates are rising again. As mortgage rates increase the price of houses will begin to decrease. But, what is an mortgage rate and how does it work?
Essentially, a mortgage rate is the amount percentage rate the lender is charging you on a monthly basis to borrow the money to buy your home. Mortgage rates are determined by several different factors; those that are out of your control (inflation, stock market, federal reserve, etc..), and the factors that are in your control. It is the factors that are in your control that we want to look at.
1.) credit score: your credit score will have a significant impact on the mortgage rate you will be able...
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