Whether you financing for Orlando new home construction or a resale home, you should be aware of the current mortgage rates. While rates may vary slightly by region and lender, here are the national prevailing rates.
- 3.68% – 30 Yr Fixed. Trend is down.
- 2.91% – 15 Yr Fixed. Trend is down.
- 3.39% – 5/1 ARM. Trend is up.
Factors that impact your rate can be summarized as follows –
- Your loan product. The good news is that you have lots of loan products available to best suit your budget and payment ability. When selecting a product type, it is important to understand how to matches your current financial situation because you will be tied to it for a long time. Chase does a good job of summarizing common products available in the market by visiting Chase.
- Your employment history. Lenders want to see stability in your income and see it as a way that you will be able repay back the loan consistently.
- Your financial situation. Based on your preferred loan product, you will be responsible for a down payment during closing. Also, your credit score will play an important role in the type of a loan product that you will qualify for and how much you borrow. Your lender representative will coach you through this process.
It is advisable that you should always shop around with local lenders in the region. Always include your banking institution in your analysis because you already have an established relationship with them and this will certainly help in securing the best available rate in the region based on the factors above.
Lastly, if you are working with an Orlando new home construction builder, they too will have relationships with local lenders who can provide you with preferred rates. Typically, if you use their lenders, they will also help pay for certain closing costs however, please be well advised on the interest rates that you will be charged.
