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We all want the lowest rate we can get on a mortgage. So what are the biggest factors to
getting the lowest rate?

Credit Score

Credit scores can play a big role in your mortgage rate. Freddie Mac explains: “When you build
and maintain strong credit, mortgage lenders have greater confidence when qualifying you for
a mortgage because they see that you’ve paid back your loans as agreed and used your credit
wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has
more favorable terms and a lower interest rate.”
That’s why it’s important to maintain a good credit score for a mortgage or really any kind of
loan! If you want to focus on improving your score, let me show you how your credit score
works and way to improve! I can pull a free copy of your report and give you a review and
specific pointers on how to improve!

Loan Type

There are many types of mortgages, each offering different terms for qualified buyers.
The Consumer Financial Protection Bureau (CFPB) says: “There are several broad categories of
mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products
to offer, and loan types have different eligibility requirements. Rates can be significantly
different depending on what loan type you choose.”
I have access to every and all mortgage loans in the market today. They all have benefits and
disadvantages including different rate options. My job is to show you!

Loan Term

Another factor to consider is the term of your loan or mortgage. Just like with location and loan
types, you have options. Freddie Mac says: “When choosing the right mortgage for you, it’s
important to consider the loan term, which is the length of time it will take you to repay your
loan before you fully own your home. Your loan term will affect your interest rate, monthly
payment, and the total amount of interest you will pay over the life of the loan.”
Lower term mortgages like a 15 or 20 year loan can also come with a lower interest rate. This
will also raise the payment so it important to review all your loan options!

Property Type and Use

The type of home like a single family to a condo, townhouse, or even manufactured home can play a big
role in the rate that you get. On top of that is the type of use. There are ways that lenders classify the
use. Primary residence, Second Home, and Rental Property. Each of these have different mortgage

Down Payment or Loan to Value

If you’re a current homeowner looking to sell and make a move, you can use the home
equity you’ve built over time toward the down payment on your next home. The CFPB explains:
“In general, a larger down payment means a lower interest rate, because lenders see a lower
level of risk when you have more stake in the property. So, if you can comfortably put 20
percent or more down, do it—you’ll usually get a lower interest rate.”