There are multiple factors that can help you get the best mortgage rate possible. Below are a few factors and perhaps a few others not listed can be imposed by specific banks and mortgage lenders which will move your mortgage rate around.

•   Loan purpose (Is the loan going to be a home purchase or is this a refinance loan?)
•   Loan amount (Would the loan be a conforming, any loan amount up to $417,000 is any loan amount up to $417,000 for a single-family residence that fits guidelines set forth by Fannie Mae and Freddie Mac or jumbo, any single loan amount over the conforming loan amount.)
•  Credit score
•   Documentation type
•   Loan to Value (LTV is the loan amount divided by the purchase price or appraised of the property)
•   Property type (single-family residence, condominium)
•   Occupancy type (owner-occupied, second home,investment property)
•   Debt-to-income ratio

For example, if you want to refinance a second home with a 660 credit score and a loan to-value ratio of 80 percent, your mortgage rate will be much higher than a borrower with an 800 credit score purchasing an owner-occupied, single family residence with 50 percent down.

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