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FACTORS AFFECTING HOME LOAN RATES

Getting a home or mortgage loan is a very popular thing today. As many financial institutions organize campaigns to attract customers to easily have a home with low interest rates and special conditions for each financial institution. Which factors affecting the interest rate of the housing May be different With the main variable from uncontrollable economic conditions or factors affecting home loan rates.

MRR is the interest rate that financial institutions Used for judgment In service charge For credit fees and other services Of that financial institution This interest rate is the interest rate calculated from the cost. In the administration of financial institutions In general Interest rates of financial institutions will not differ much.



Personal credit of the loan applicant
A credit or personal credit profile is important because it is a measure of the qualifications of a loan applicant, including the amount and interest rate that financial institutions are ready to lend.

Different conditions in home loans
Home loan interest rates may vary according to the conditions of the loan.

Home loan financing: The higher the loan amount, the more negotiating power and the lower the interest rate of the loan as well.
Home Loan Periods: Loans with shorter durations will cost more than long term loans (such as higher interest rates). It may seem like a good plan to extend the time in Credit terms of the loan applicant And should also pay attention to the fact that generally the amount of interest paid is less than In conditions which have a short period of time
Home loan insurance: Almost every financial institution has a proposal to reduce interest in the event that the loan applicant agrees to take out home loan insurance along with the loan application of These insurance policies (such as mortgage insurance) are useful in helping to pay off outstanding loans when a death or permanent disability occurs.

The location of your home
Mortgage interest rates may vary according to the location of the real estate. Since some locations may pose a risk to financial institutions Areas that are currently undergoing development and appraisal of Increased real estate will have less risk to financial institutions Because when the real estate price increases Loan applicants that live in these locations will be considered "richer" and the chances of not repaying the debt are also lower.

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