The mortgages for El Paso residents may compare well to the mortgages that are made by people all over the country. El Paso residents are usually charged with a mortgage rate of 4.250% for people who have a good to excellent credit scores.

You may not realize when you go to buy a home that the mortgages El Paso residents pay are dependent on their credit score. If you have a credit score above 745 points then you will likely have the lowest mortgages residents pay. If your score is below 645 points you may have a difficult time getting a home loan.

Mortgages residents pay are based on the financial institution that lends the money. The credit score of the borrower. The current interest rate being charge across the nation. The length of time the loan will have before it matures. Whether or not it is a fixed rate mortgage. The way that the borrower arranges to repay the loan. All of these things make a contribution as to how high the mortgages residents pay on the home loans they establish.

One thing that you need to know when you are in the market for a new home is that checking with the different institutions can often save you many thousands of dollars in the long run. A mortgage that is a mere fraction of a point higher than another one may wind up costing the borrower many thousands of dollars over a thirty year period.

Another thing that all homeowners should know is that if you can add twenty dollars a month to your payment you will reduce the amount of interest that you pay and the number of years that you have to make payments. The extra amount that you pay is taken from the principle of the loan so the total interest charged on the principle will be lessened and over time this habit could help you pay off your home several months, if not years, ahead of schedule. Don't stress if you have a bad credit score! Marquis Realty is here to help you out! Give us a call at 915-920-7223 today!