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3 Warm, Inviting Kitchens We'd Like To Come Home To

by Judi Monday, Your Green Valley AZ Expert

Risk Rate Relationship

by Judi Monday, Your Green Valley AZ Expert

Regardless of what a lender quotes on mortgage rates, the actual rate a borrower pays is based on a number of variables. Lenders determine whether to loan money and at what rate based on the risk involved with the transaction.

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Factors that increase the risk that the loan will be repaid will proportionately increase the interest rate charged to the borrower. If the risk becomes too high, the loan will not be approved.

  • Loan amounts – conventional mortgages above conforming limits as set by Fannie Mae and Freddie Mac are considered jumbo loans and generally have a higher interest rate.
  • FICO score – the lowest interest rate is reserved for the highest score; the lower the score, the higher the rate the borrower will pay.
  • Occupancy – borrowers occupying a home as their principal residence are considered a better loan risk than second homes and investment properties.
  • Loan purpose – purchase transactions generally have the lowest interest rate with refinancing for better rates and terms being priced slightly higher. An even higher rate might be charged for refinancing and taking cash out of the property.
  • Debt-to-Income Ratio – a borrower’s monthly liabilities divided by their gross monthly income develops a ratio that helps lenders to assess the borrower’s ability to repay the mortgage.
  • Property Type – some types of property are considered higher risk than others which could adversely affect the rate. 
  • Loan-to-value – the lower the percentage of the loan to the appraised value of the property will generally lower the interest rate.

Any combination of these factors could limit a borrower’s ability to secure a mortgage at the rate initially quoted. Pre-approval by a trusted mortgage professional can be the best way to know what rate you can expect to pay. Please call 520-241-7780 for a recommendation of a trusted mortgage professional in the greater Green Valley AZ area. 

8 Twists On Foundation Plantings

by Judi Monday, Your Green Valley AZ Expert

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by Judi Monday, Your Green Valley AZ Expert

Kitchens Where Warm Fall Colors Work All Year

by Judi Monday, Your Green Valley AZ Expert

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by Judi Monday, Your Green Valley AZ Expert

Plant These Irises To Grow Florist-Style Blooms

by Judi Monday, Your Green Valley AZ Expert

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by Judi Monday, Your Green Valley AZ Expert

10 Ideas For Enjoying More Outdoor Living This Fall

by Judi Monday, Your Green Valley AZ Expert

Corner Lot Beauty In Las Campanas

by Judi Monday, Your Green Valley AZ Expert

Ideally located in Las Campanas, this lovely home's entire interior was recently painted. One step inside and you'll be SOLD. The open floor plan is perfect for entertaining family and friends or just for the two of you. Great room has a built-in entertainment center and the den has a trey ceiling. Big laundry room has space to do hobbies or whatever you decide. In the guest bedroom there is a bay window. Master suite has built-ins in one of the closets for those of you who want it to be organized. There is a double sink vanity in the master bath as well as a soaking tub and walk-in shower. Easy care landscaping means you'll have plenty of time to enjoy all the amenities that Green Valley offers. And, yes, there is even a view of the mountains.

Displaying blog entries 11-20 of 28

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Judi Monday
RE/MAX Valley Properties In Green Valley, AZ
210 West Continental Road
Green Valley AZ 85622
Direct: (520) 241-7780
Fax: (520) 648-2221