Mortgage Rates

• Credit history of the borrower
• Borrowers Debt Ratio
• Loan to Value

• How long do you believe you will reside in this particular location?
• Is there any strong belief on your part as to the general direction of interest rates over the time you'll reside in this location? If so, do you believe rates will go up or down?
• Do you expect any employment changes in the next couple of years?
• Will there be a need for college funds within the time you expect to reside here?
• Is there any chance you will need to have funds available for the care of elderly family members while residing in this location?
• Do you expect a decrease in income as a result of health situations?
• Do you expect an increase in income in the next couple of years?
• Are there any family members with special health care needs where the cost of providing that care is likely to escalate dramatically?
• Have you any special credit issues, such as bankruptcies or judgments against you.

Remember that different programs offer different interest rates. Generally speaking ARM's and Interest Only programs have lower interest rates to start. It is also true that normally the shorter the loan term the lower the interest rate will be on a conventional mortgage. Loans for Veterans that are guaranteed by the Veterans Administration also offer lower rates, but not every buyer is eligible for every program.