There are a number of things you should keep in mind when looking to apply for a mortgage. One of the most important is how much you will end up paying. The interest you will have to pay will greatly determine the affordability of your mortgage. The interest you will be charged will depend on various factors. Lenders consider the following when coming up with a borrower’s interest rate.
How Risky is It to Lend Money to You
To determine how much interest to charge you, lenders have to consider your risk. You will not be charged the same interest as another borrower, even if you are applying for the same amount of mortgage. This is because lenders assign different risk levels to all borrowers.
Over time, some borrowers may be unable to...Read more »