Factors That Can Affect Your Mortgage Rate
- Credit score (the lowest middle score of all buyers is used as the effective score for all buyers)
- Loan to Value (LTV) (the value of the ratio of down payment to the appraised value)
- The Debt to Income Ratio -DTI (the value of the ratio of total monthly expenses to the total monthly income)
- Loan Purpose (refinance, rate and term, cash out, purchase)
- Length of Loan (the period of time that the loan is being financed: eg: 10, 15, 20, 30 or 40 years)
- Occupancy (owner occupied, investor, rental, fix and flip, vacation, 2nd home)
- Mortgage Type (conventional, FHA, VA, USDA, hard money)
- Points/fees Charged by Lender (points/fees for rate, broker fees, certain closing cost)
- Loan Amount (conforming, jumbo, high balance)
- Property Type (single family (1-4 units), condo/PUD, multi-family, commercial)
- Loan Lock Period (30, 45, 60 days to close when loan is first registered)
- Type of Documentation (full documentation, bank statement, stated income, DSCR)
- Citizenship Type (us/green card, non-residence, itin)
