{"id":1560,"date":"2014-06-08T13:00:30","date_gmt":"2014-06-08T13:00:30","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=1560"},"modified":"2014-06-08T13:00:30","modified_gmt":"2014-06-08T13:00:30","slug":"how-mortgage-lenders-choose-your-mortgage-rate","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/how-mortgage-lenders-choose-your-mortgage-rate\/","title":{"rendered":"How Mortgage Lenders Choose Your Mortgage Rate"},"content":{"rendered":"<p>Mortgage loans are detailed products and it is fair to say that one size does not fit all when it homes to home loans. The <a href=\"http:\/\/riverbankfinance.com\/grand-rapids-mortgage-rates.html\">interest rate<\/a> that you may qualify for on a mortgage may be different than what others qualify for based on their situation. This short video from MSNBC explains how mortgages work and ultimately how lenders choose your mortgage rate.<\/p>\n<p><iframe loading=\"lazy\" src=\"http:\/\/player.theplatform.com\/p\/2E2eJC\/nbcNewsOffsite?guid=p_showme_mortgages_140519\" height=\"500\" width=\"635\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Because each homebuyer has a different financial situation, it is important to work with a local mortgage company that offers multiple home loan options.<\/p>\n<p>Below is a short list of mortgage options and their benefits:<\/p>\n<p><a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/conventional-mortgage.html\">Conventional Mortgage<\/a>: A great mortgage option for high credit score buyers that have 5% or more to use for a down payment. This is one of the only mortgage options that you can get rid of PMI (private mortgage insurance).<\/p>\n<p><a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/fha-mortgage.html\">FHA Mortgage<\/a>: FHA loans are great for homebuyers with bumps in their credit past of even first time home buyers. Qualification requirements are easier than conventional mortgages because these loans are insured by the federal government.<\/p>\n<p><a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/va-loan.html\">VA Loans<\/a>: A great mortgage for military veterans is a VA Loan which is a zero down mortgage. While there is an up front guarantee fee charged by the Veterans association, there is no monthly PMI which helps to keep payments low and affordable.<\/p>\n<p><a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/usda-rural-housing-mortgage.html\">USDA Rural Development Loans<\/a>: The RD loan is great zero down home loan that is great for first time home buyers. This type of mortgage allows a homebuyer to buy a home with no down payment and the sellers can pay your closing costs. Qualifications are easier than conventional mortgages however there are restrictions on income and the location of the home.<\/p>\n<h2>What Mortgage Rate Will I Get?<\/h2>\n<p>To see what mortgage rate you qualify for call Riverbank Finance at 1-800-555-2098 or request information below.\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/1560#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.6\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"application_form\">\n\t<div class=\"block_top\" id=\"apply_form\">\n\t<\/div>\n\t<div class=\"spacer_top\">\n\t<\/div>\n\t<div class=\"ApplyFullHeader\">\n\t\t<p class=\"replaceheader\">Request Home Loan Information Now!\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"blueBox\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\t\n\t\t<\/p>\n\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t\t<\/p>\n\t<\/div>\n\t<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t\t<\/p>\n\t<\/div>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"98\"\/><script>\ndocument.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage loans are detailed products and it is fair to say that one size does not fit all when it homes to home loans. The interest rate that&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,70],"tags":[420,632,633,4],"class_list":["post-1560","post","type-post","status-publish","format-standard","hentry","category-buying-a-home","category-first-time-home-buyer","tag-first-time-home-buyers","tag-homebuyers","tag-mortgage-options","tag-mortgage-rates"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"The mystery is solved: Learn how mortgage companies choose your interest rate for your home loan.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Anthony Bird\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/riverbankfinance.com\/blog\/how-mortgage-lenders-choose-your-mortgage-rate\/\" \/>\n\t<meta name=\"generator\" 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