Think your credit score is the only thing that impacts your interest rate? Think again.
Below are the 5 demographics that impact your interest rate. The sub-categories of each demographic are listed in order from LOWEST to HIGHEST risk. The sub-category highest in the list represent the lowest risk to the bank and corresponding the best interest rate pricing.
1. Occupancy Type
*Owner Occupied / Primary
*2nd Home/ Vacation Home
*Investment Property / Rental Property
2. Property Type
*Single family home/ SFR/ House
*Condo (Low Rise, Mid Rise, High Rise)
*2 unit/ Duplex
*3 unit / Triplex
3. LTV (Loan to Value Ratio)
4. Transaction Type
*Refinance - Rate & Term (no cash out)
*Refinance- Cash Out
5. Credit Score