what affects your interest rate?

Credit Scores, Debt To Income (DTI) ratio, Payment History and Amount of Down Payment are the main the influencers that determine your interest rate, however you can use Points to buy down your rate. Keep in mind that if you are using Down Payment Assistance programs and/or Grants, you may pay a higher rate for the benefit of this “free money.”

Length of time credit has been established, Types of credit in the mix, and the Number of credit inquiries will also effect scores, just keep in mind that there are 3 scores that are viewed when applying for a loan: Equifax, Experian, and Transunion.

While your credit score is an important aspect of applying for a loan, there additional contributors that are part of the overall equation: Collateral, Character, and Capital. Lots of details, and with so many loan products out there, your loan officer can help you determine the most equitable solution to achieve your home buying goals.