Interest Rates and closing costs
Interest Rates & Closing Costs:
There are a number of variables which will determine what the rate might be for a specific loan. Some of the important ones would be as follows:
- Loan Amount
- Amount of down payment or equity in the property
- Number of dwelling units (1-4)
- Is it owner occupied or an investment property
- Does the borrower want to pay points or not
- Length of the loan term
- Fixed or adjustable (there are many different types of adjustable mortgages)
- Amount of income and liabilities
- Credit quality
- Does the borrower prefer a limited, or even a no documentation loan
- Is the loan to be a VA/FHA/USDA government insured loan
- Is the purpose of loan to take cash out of the equity in the property
The above is not to suggest that it is difficult to obtain a loan, but only to point out how difficult it is to address every possible situation in some sort of simple rate presentation. We would therefore urge you to take the time to talk to one of our loan officers to determine the best deal we can put together for your particular circumstances. In the meantime, you can view our current rates for basic fixed and adjustable rate mortgages for minimum loan amounts of $150,000 on our First Portland Interest Rate page. Rates for lower loan amounts are available by calling 1-800-370-5222 or e-mailing us today.
First Portland Mortgage Corp
1321 Washington Ave
Portland, ME 04103
phone (207) 878-7770 ext. 1-24
fax (207) 878-7771
site: www.firstportland.com
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