Being a first-time homebuyer has a major impact. Other conditions will affect rates, like:

  • Credit Score, commonly called FICO
    • Down payment as a percentage of home value
    • years in your like of work
    • type of mortgage (FHA, ARM, fixed)
    • Amount of reserves
    • the type of residence (such as primary or secondary, residential or commercial, single or multi-family, etc.)
    • your debt-to-income ratio
    • your state of residence