Interest Rate

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 8 of 72

Interest rates on conventional mortgages are determined by market conditions and the individual borrower’s credit profile. Unlike some government programs where rates might be standardized, conventional rates are highly sensitive to credit scores. A borrower with excellent credit will qualify for the lowest available rates, while a borrower with lower credit scores may be charged a higher interest rate to offset the increased risk to the lender.