The almighty interest rate is a very important number, and quite possibly the most important consideration for individuals who are searching for a refinance loan. There are many qualifying factors that ultimately determine the interest rate that you will get for your particular circumstances and resulting mortgage. Some major qualifying factors are your credit score, percentage of equity interest you will utilize in your home, loan term, and loan type. Most people are aware that the higher the credit score and the shorter the re-payment term, the lower the rate. Many people are not aware of how much rates can change depending upon how much available equity you are looking to refinance. For instance, suppose your home has an appraised value of $100,000.00 and you are looking for a loan of $80,000.00. Say that with all other qualifying factors considered, you are quoted a 7.5% interest rate. You then change your mind and want to finance $100,000.00 and utilize all of the equity in your home. You are now quoted a 10% interest rate and feel a slight migraine coming on. Furthermore, you will be required to pay for mortgage insurance if you utilize a conventional bank and finance...
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