Factors Influencing Rate
There are many factors influencing the rate a borrower will qualify for. Listed below some of the main factors influencing rate: |
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Factors that |
Decrease rate |
Increase rate |
| Good Credit | Poor Credit | |
| adjustable rate mortgage | 30 year fixed rate Mortgage | |
| Down payment <20% | Down payment >20% | |
| Refinance | Purchase | |
| Owner occupied | Investment Property/Rental | |
| Full document loan | Stated Document loan | |
| 12, 15 day rate lock | 30, 45 or 60 day rate lock | |