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Mortgage Choice - How to find the best home loan

Kristy Sheppard from Mortgage choice discusses about the importance of finding a home loan most suitable to your financial situation as well as ...

6 Ways to Finance Real Estate Investments

Borrowers may be able to find loans requiring just 10% down for an owner-occupied property. You could pay even less if you get a Federal Housing Administration (FHA) loan. But most investment property loans require 20% down. Multi-family properties, from duplexes to luxury high-rise apartments, might require 25 to 30% down.

Investment property loans carry higher interest rates than conventional mortgages for owner-occupied properties. They may also carry fees of 3.75% or higher. You can offset the fees, which are due at closing, by paying more in interest. In general, each percentage point in fees will add 0.125% to 0.250% to your interest rate.

Consumers buying a mortgage for a primary residence often opt to do the reverse. Homebuyers can buy points to reduce the interest rates and save thousands of dollars over the life of the loan. But investment property mortgages are often shorter than consumer mortgages. And, many times, they're paid off before they mature. For these loans, paying more in interest might make sense. It’s important to do the math and determine whether it’s worthwhile to pay the fees or pay a higher interest rate.

Current Lousiana Mortgage Rates

What is a Mortgage Rate?

When you take out a loan, your principal amount will be accompanied by an interest rate. This interest rate is referred to as your mortgage rate. Mortgage rates vary depending on many factors, as well as the mortgage type you choose.

What Factors Impact Your Mortgage Rate?

Before you contact lenders, understand what factors a lender might consider to determine your mortgage rate. 

Your credit score: One of the main factors lenders take into consideration is your credit score. A higher credit score can show lenders that you are financially responsible and will likely repay your loan without incident. Let’s say your credit score is lower — the lender may approve a lower mortgage amount. Lenders may also give you a higher interest rate if they consider you to be at a higher risk of default. The economy: The current state of the economy can also play a huge part in your mortgage rate. Stable employment rates
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