Type of loan The type of loan that you select has a significant impact on the home loan rate. • A variable rate loan may start out at a low rate and quickly escalate to a much higher rate. • In fact, this is one of the major reasons why homeowners find themselves in trouble when they purchase a home with monthly payments.
Economy The economy of the nation has an impact on the home loan rate, through Emi Calculation for Home Loan particularly if the loan as a variable rate loan. • Often the loan rate is tied to the prime interest rate plus a certain number of points. • Of course, when the economy is slowing down, loans are somewhat harder to get and the qualifying process may be more stringent.
Credit score When applying for a new loan, the loan broker will almost always check the credit score before deciding what the home loan rate will be. • The higher the credit score of the potential borrower, the better deal can be put together with the broker. • Source: http://ezinearticles.com/?Home-Loan-Rate----What-Are-The-Variables-That-Affect-The-Rate&id=1162223
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