Mortgage Rates in Kentucky

Mortgage Rates in Kentucky: USDA, VA, Conventional, and FHA Loans

Rates are not the same across loan programs, and they are not the same for every borrower. USDA, VA, FHA and conventional loans all price differently, and what you end up with depends on your credit score, your down payment, the loan amount, the term and what the market does that day. Rates also move daily, so any number published on a blog post is out of date by the time you read it.

If you want a real number for your situation, call or text me at 502-905-3708 and I will quote your program, your credit profile and today’s pricing. Subject to change without notice.

Mortgage insurance, property taxes and home insurance are not included in the example below and will result in a higher monthly payment. The payment example only includes principal and interest.

How a Rate Turns Into a Payment

The numbers below are an example to show you the math. This is not a rate quote.

  • Loan Amount: $300,000
  • Example Rate: 6.625% on a 30-year fixed
  • Monthly Payment: $1,921 (principal and interest)
  • Total Interest Paid Over the Loan Term: about $391,500

How Points and Lender Credits Affect Your Rate

No Points:

  • You receive the standard rate with no additional cost or discount.

1 Point:

  • Paying 1 point (1% of the loan amount) can lower your interest rate. For a $300,000 loan, this means paying $3,000 upfront to reduce your monthly payments.

1% Lender Credit:

  • Opting for a 1% lender credit increases your interest rate slightly but provides $3,000 towards closing costs, reducing your upfront expenses.

Understanding APR

APR, or Annual Percentage Rate, includes the interest rate plus other loan fees, providing a more comprehensive view of the loan’s cost.

Summary

Keeping track of mortgage rates helps you make informed decisions when buying a home. For personalized advice and the best rates tailored to your needs, contact Joel Lobb at EVO Mortgage.

For the latest updates and more detailed information on mortgage options, reach out to Joel Lobb:

Note: Rates and APRs are subject to change. Please consult your mortgage lender for the most accurate and up-to-date information.

Joel Lobb Mortgage Loan Officer

EVO Mortgage
911 Barret Ave, Louisville, KY 40204
Company NMLS #1738461
NMLS #57916 | www.nmlsconsumeraccess.org
Equal Housing Lender

Text/call: 502-905-3708

email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

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