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What factors affect the interest rate borrowers pay?

April 26, 2017affect borrowers factors Interest rate pay

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What factors affect the interest rate borrowers pay?

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A loan’s APR (annual percentage rate) depends on a variety of factors, including a borrower’s financial qualifications, product choices and competition within the mortgage lending business. A borrower’s financial qualifications include payment and credit history, work history, assets, other debt, down payment, loan-to-value ratio, and the type of property they own or buy.