- It is very difficult to place a borrower in an appropriate program until a credit report is run. This gives the lender anaccurate picture of your credit history and enables them to offer suitable program options that fit your specific needs.
- The type of property you are looking to finance can have a direct connection to your interest rate as well. Again, the rates that you see advertised most likely pertain to primary residences, single unit properties. Any type of property that deviates from these – for example investment/rental units and multi-unit dwellings – can result in a slightly higher interest rate and/or the points tied to that rate.
- Lastly, be advised that any additional "feature" associated with the specific loan program in which you are interested will be sure to alter your rate and/or points.
When purchasing a home, it can be advantageous to get pre-approved for a mortgage. Learn more about pre-approval vs. pre-qualification. To get pre-qualified or pre-approved with Regions Mortgage, please locate a Regions Mortgage Loan Originator or give us a call today at 1-877-536-3286.