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What qualifies for a consumer loan?
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Here are typical underwriting requirements for consumer loans: Minimum credit score: 640-750. Maximum debt-to-income: Up to 45% depending on income, loan amount and credit rating. Interest Rate: 8.50% 18.0% depending on credit rating.
Why do homeowners opt for refinancing their home loans?
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Several homeowners opt for refinancing their home loans for reducing their monthly payments. A mortgage calculator is an effective tool which gives the chance to know what their new loan payment would be after refinancing. Many others opt for a loan of shorter-term which have high monthly payments so that they can effectively reduce the overall int
What are the factors that affect the interest rate of mortgage loan?
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1 Answers
Credit scores, home location, home price and loan amount, down payment, loan term, interest rate type, and loan types are the essential factors that affect the interest rates.