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