How they calculate my mortgage rates?
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ronny
Apprentice
Joined: 18 Jan 2005
Posts: 5
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 Posted: 08/05/08 - 08:44 Post subject: |
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| I have recently taken a mortgage. I was looking to buy a home, but with all the turmoil in the mortgages market I am having second thoughts. However, since that is the only way, I would like an advice. How they do calculate my mortgage rates? Thanks in advance for any help. |
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jasper
Apprentice
Joined: 11 Nov 2006
Posts: 23
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| Posted: 09/04/08 - 02:00 Post subject: |
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| The mortgage system works as any loan. You need to have enough money to make a deposit, and good enough salary to follow up with the payments. With a good credit rating, and a good history, you should get good deal because of your credibility. But before you apply, you should know whether you have a high enough credit score (over 650 is ideal). The better your score, better will be your rate. They are generally calculated by factoring in both your rating and your income, as well as house price. I suggest you go to http://www.mortgage101.com/partner-scripts/1006.asp?p=mtg101& for easy calculation of your rates. |
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