There are a number of factors that go into a mortgage rate quote.  Here are 10 factors that are considered:  

1. Occupancy type – Is the home your primary residence, second/vacation home, or investment property?  Rates for second/vacation homes and investment properties are typically higher than a primary residence.

2. How much is your down payment/equity in the property?

3. What is your credit score?

4. What is the property type, e.g. single family residence, townhome, condo, manufactured home?

5. Are you providing full documents for qualification, or alternative documents?

6. What type of loan are you applying for, i.e. conventional, jumbo, FHA, VA, USDA?

7. Is it a fixed rate mortgage or adjustable rate mortgage, what is the loan term, e.g. 30-years, 20-years, or 15-years? 

8. Is there subordinate financing, such as a line of credit? 

9. Where is the property located? 

10. Are you a US Citizen, permanent resident alien, or foreign national? 

If you are shopping rates, make sure you provide each mortgage professional with the same information, so you get an apples to apples comparison.  Contact us, and we can help you find the best loan for you at the lowest rate and costs.  We are mortgage brokers, and shop lenders everyday.