Vahe Hayrapatian Discusses Key Factors that Affect Mortgage Rates

Burbank, CA, May 21, 2015 (Newswire.com) - Loan originator Vahe Hayrapetian discusses the different factors that drive the interest rates of mortgage loans. Perhaps the best financing option any homebuyer can use in purchasing a new home is applying for a home loan. Most people already have the right idea for big savings – getting the lowest interest – but they tend to overlook how interest rates are determined.

Realtors and mortgage bankers alike are familiar with these factors, and knowledge about these will also be a valuable asset for those on the market for a new home. The first key factor is the type of home loan chosen by the buyer. This is where most people struggle to make a choice between adjustable-rate mortgages or fixed-rate mortgages. It is important for buyers to be forward-thinking when making a decision to make the best choice possible.

Another key factor is credit score. Credit score refers to the number that lenders use to predict the ability of a buyer to pay off the loan. Using information found on the credit report like payment history, credit cards, and other loans, an individual buyer’s credit score is determined. Naturally, the higher the credit score, the higher the chances of getting a lower interest rate. In any case, it is good practice for buyers to determine their credit score range before shopping for mortgage.

Apart from home price and loan amount, one other driving factor for interest rates is the location of the property. Pricing may differ from state to state, city to city, and neighborhood to neighborhood. Renowned realtor Vahe Hayrapetian recommends conducting extensive research on prospects based on location before mortgage shopping.

For more information on mortgage, loans, and real estate, visit www.VaheHayrapetian.com.

About Vahe Hayrapetian

Vahe Hayrapetian is a loan originator with over 18 years of experience in the industry. He is a renowned professional best known for his consistency in delivering the best rates and financing opportunities for his clients. Along with his team, Vahe Hayrapetian aids realtors and potential homebuyers by providing helpful insights about the real estate market and financing options.