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YouTube Video: Home Loan Interest Rates - How Your Credit Score Affects Your Interest Rate

The topic today is how your credit score affects your interest rate, as well as all the other things that can impact your home loan interest rate! A lot of people try to calculate mortgage interest rates online without including even a fraction of the information necessary to accurately determine what their rate will be. In this video I give it to you straight, and break down the EXACT information you'll need to prepare if you want to calculate your actual mortgage rate. You won't want to miss this one!

Watch the Video on Youtube

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Video Transcript

Hi, guys, Stephanie Weeks here, the author of "Mortgage Peace" and top 1% loan officer in the nation for several years running. I am here to offer "Mortgage Peace" to the world

and help bring mortgage education.

There's so much unknown, there's so much confusion, and there's so much information overload.

Everything with mortgages is so case by case, and we're dealing with your hard-earned money,

so let's not use generalities,let's be very specific.

Thank you so much for tuning in today.

If you are here to learn about how your credit score

affects your interest rate, then you have come to the right place.

Be sure to subscribe, click the like if you like the video,  and leave me a comment because

I always encourage feedback.

Mortgage rates are very much affected by so many things.

How long you lock the loan for, your credit score, your debt to income can

affect it sometimes. The term that you're doing on the loan, the type of loan that you're doing,

if you're doing a purchase versus a refinance, versus a cash-out refinance.

All of those things have an effect.

Are you wanting to pay points? Are you not wanting to pay points? Your loan to value.

That's a lot, right?

That is a lot.

So, if you go online and you say, what are 30 year mortgage rates and you get a result without

entering all that data, you're probably not getting that rate.

I hate to be the one to break it to you.

But if you know me and you're one of my clients, you know I'm no nonsense. I give it to you just like it is, and that's how it should be.

If you are shopping for mortgage rates, which you should do, you work hard for your money, and you deserve the best rate possible for your situation and scenario.

So, whether you're looking to purchase or to refinance, although refinance is the hot topic right now, this is what you need to know, and make sure that you have handy to get a mortgage rate quote. 

If you are not asked these questions when you ask for the quote, you make sure to provide the information, so that you can get the updated and corrected quote.

What is your credit score?

Are you looking to purchase or to refinance?

Are you looking to refinance and just change the loan that you have and pay it off?

Or are you looking to take a cash-out to pay off something besides your first mortgage?

What is your loan to value? Meaning, how much equity is in your house?

What's the house worth that you're buying or refinancing?

How much of a loan do you think that you want for you purchase or your refinance?

What type of loan do you want? Do you know why you want that type of loan?

Because you want to understand everything, right?

And you want to provide information. And you want to talk a little bit about any questions that you have, right? 

If you have any concerns, you want to bring those out upfront, because interest rate, loan type,

loan term, debt to income, loan to value, all those things greatly affect the interest rate you're gonna get.

So, have your information, have it handy, know your data. Make sure you're getting correct and accurate quotes.

I'm sure that I'm forgetting something. I do this all day every day. It's a little difficult when there's a camera in front of you and you're like, uh...Yeah!

Anyway, I hope this has been very, very helpful.

Please share it, like it, leave me a comment, screenshot.

Tell your friends they should watch the video as well, and thank you so much for tuning in.

Your one stop mortgage peace, and I hope this has helped.

Have a great one and I'll see you next time, guys.