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When it comes to the actual amount you are paying towards your mortgage you will find that it varies from institution. If you want to get an estimate, the majority of banks and mortgage brokers can provide you with an estimate. However, there are conditions which can impact your rate. If you are considered a “low-risk” borrower, there’s a significant chance you will have a lower mortgage than a borrower considered to be “high-risk”.
What is a low-risk borrower?
If you have a stable and consistently healthy financial history, you’re probably a low risk borrow.
Consequently, A high-risk borrower would have unpaid bills, a low credit score, and a history of being unreliable.
There are other factors that can affect your mortgage rate which are not in control such as the housing market as well as the general economy. If the economy isn’t doing well, than you can expect your mortgage to be higher than if the economy was flourishing.