When applying for a home mortgage loan it’s important to do your homework. We recommend that you check the national average mortgage rates online before meeting with your lender so you can compare what lenders are quoting you to the national average.
If you have better than average credit you can typically expect a better than average mortgage rate. The interest rate or finance rate on loans are always quoted in an Annual Percentage Rate (APR) format, so you can easily compare multiple rates from multiple lenders. The interest rate you qualify for depends on your credit, income, debt, and assets, as well as your Lender’s individual incentives or requirements.
We have provided the national average mortgage rates for 30 Year Fixed, 15 Year Fixed and a 5/1 Adjustable Rate Mortgage Loans here because these are the most common types of mortgage loans. If you plan to take out a different type of loan you can typically find what the average national rate is online, we recommend you do that before meeting with your lender.
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