What Factors Determine My Mortgage Interest Rate? w/ Jason Gauthier
There are many factors that determine your interest rate when getting a mortgage. In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, and Xavier Angel, CFP®, ChFC, CLTC, discuss all things mortgages and credit scores with mortgage lender Jason Gauthier.
Episode Highlights:
- Jason talks about his background, education, and how he got to where he is today. (2:40)
- Jason shares something that he wishes he has known at the beginning of his career. (5:53)
- Jason explains the three questions that lead to three different adjustments to an interest rate. (10:49)
- Jason shares some of the factors that affect the rate, including credit score, loan amount, and type of home. (15:51)
- Jason explains what a utilization ratio is and how it plays a role in boosting your credit score. (18:50)
- Jason elaborates that payment history is the biggest factor in your credit score. (21:50)
- Jason shares a couple of tips for those that have just graduated from college and are building up their credit. (25:03)
- Jason shares some tips regarding utilities and bills that would affect your credit score. (29:55)
- Jason explains what refinancing is and how it differs from an individual’s goal regarding credit. (39:02)
- Jason shares why it is a wise endeavor to do a refinancing option for an individual. (43:09)
Key Quotes:
- “Typically, credit scores fluctuate significantly when it comes to like utilization ratios on credit cards.” – Jason Gauthier
- “It’s all about managing what you have in your wallet. If you don’t have that discipline, then clearly don’t go out there and get another credit card. Concentrate on paying down that debt.” – Jason Gauthier
- “If you hurry up and pay a bill off, we can do re-scores and things like that, but it’s uncommon for us to do those types of things, unless there’s something crazy on your bureau, and you go and get it fixed.” – Jason Gauthier
