At NorthGroup we offer highly competitive interest rates. We will spend time with each client to figure out what the best rate is for their situation. There are several factors that go into a mortgage rate. 

Credit Score:

A higher credit score often results in a lower mortgage rate, as it reflects the borrower's creditworthiness.

Loan-to-Value (LTV) Ratio:

The ratio of the loan amount to the property's appraised value influences the mortgage rate. A lower LTV ratio may lead to a more favorable rate.

Loan Type:

Different loan types (e.g., fixed-rate, adjustable-rate) have varying interest rates based on their terms and associated risks.

Down Payment:

A larger down payment can lead to a lower mortgage rate, as it reduces the lender's risk.

Debt-to-Income Ratio (DTI):

Lenders assess the borrower's DTI, comparing their monthly debt payments to their gross income. A lower DTI is generally favorable for securing a lower rate.

Market Conditions:

Overall economic conditions, inflation rates, and central bank policies impact mortgage rates at a given time.

Loan Term:

Shorter loan terms often come with lower interest rates, though monthly payments may be higher.

Property Type:

The type of property being financed (e.g., primary residence, investment property) can affect the mortgage rate.

Loan Amount:

Larger loan amounts may have different rate structures, and lenders may offer better rates for certain loan thresholds.

It's essential for borrowers to understand how these factors interact and to shop around for the best mortgage rate based on their individual financial profile and goals.


Click the link below to answer a few questions to get a rate quoted for you.