Sofloyogirealtor

While it's important to track mortgage rates, home loans are very personalized to each borrower.

It’s also possible to negotiate mortgage rates.

1. Your credit score
2. Your down payment
3. Your loan type
4. Your loan term
5. Your loan amount
6. Discount points. A discount point can lower interest rates by about 0.25% in exchange for upfront cash. A discount point costs 1% of the home loan amount. However, the borrower would recoup the upfront cost over time thanks to the savings earned by a lower interest rate.
Since interest payments play out over time, a buyer who plans to sell the home or refinance within a couple of years should probably skip the discount points and pay a higher interest rate for a while.