Interest rates are not static (at least not until they are locked in)! They go up and down like gas prices and can change daily, potentially multiple times in a day. Here are several factors that we are looking at when we are shopping for your interest rate. 

#1 - Credit 

Credit score plays the largest factor when it comes to your interest rate. Bottom line, the higher credit score you have, the better rate you can receive! 

#2 - Product

Are you going Conventional? FHA? VA? The interest rate will vary depending on the kind of loan program that you are using. 

#3 - Timeframe

Believe it or not, the length of the mortgage will also influence the interest rate. Generally, the interest on a 15-year loan will be lower than that of a 20- or 30-year mortgage.

#4 - Occupancy

Is the home going to be your primary residence? A second home? What about an investment property? Depending on your occupancy, the interest rate will change. 

#5 - Lender

This is the greatest advantage we as mortgage brokers have in the industry! When you go to a big bank, they only have one set of pricing for that loan program. We shop dozens of lenders to find the best rates for our clients and their specific scenario. Different lenders will have better or worse pricing for the exact same scenario!