What Factors Affect Mortgage Rates? Complete Guide To Home Loan Pricing
In this blog, we will cover what factors affect mortgage rates on home loans. Each borrower’s individual risk factors determine mortgage rates. We will be discussing what factors affect mortgage rates pricing on home loans. Credit scores and other layered risk factors determine the mortgage rate. The higher the risk, the higher the rates charged by mortgage lenders.
Learn what factors affect mortgage rates, including credit score, down payment, loan type, points, property type, and lender pricing. We will also cover how loan-level pricing adjustments are determined.
In this article, we will discuss and cover what factors affect mortgage rates pricing on home loans. Each borrower can get different rates. Lenders’ price mortgage rates start at a par rate and then will get pricing hits based on each individual risk factor. We will cover home mortgage lenders determine mortgage rates for borrowers.
What Factors Affect Mortgage Rates for Borrowers
According to the Consumer Financial Protection Bureau (CFPB), the Loan Estimate provides essential mortgage details and should be utilized to compare offers from various lenders.
Par rates from the Federal Reserve Board are not the actual rate each individual borrowers get. Mortgage Rates have positive and negative adjustments to the par mortgage rates. This depends on each individual borrower. Just because the national par 30-year fixed mortgage rate is 3.75% on a conventional loan does not mean that every home buyer will get the 3.75% interest rate.
What Factors Affect Mortgage Rates? Complete Guide To Home Loan Pricing
Mortgage rates are influenced by multiple factors, such as market trends, borrower risk profile, specific loan characteristics, property type, loan program, lender pricing, and the timing of the rate lock. Even when two applicants apply for a mortgage on the same day, they may receive different rates due to their distinct financial profiles.
Understanding the factors that influence mortgage rates enables more informed decisions before applying. Securing a lower rate can reduce monthly payments, increase purchasing power, and save money long term.
The lowest advertised rate is not the only factor. Gustan Cho Associates educates borrowers on what determines mortgage rates, how lender-specific guidelines affect approval, and why qualification can vary among lenders. Mortgage pricing involves more than the interest rate; it also depends on loan details, borrower qualifications, and available loan programs. Some factors are within the borrower’s control, while others depend on the economy and the mortgage bond market.
What Factors Affect Mortgage Rates The Most?
The most important mortgage rate factors include credit score, down payment, loan-to-value ratio, loan type, loan term, property type, occupancy, loan purpose, debt-to-income ratio, discount points, lender compensation, and rate lock period. The Consumer Financial Protection Bureau explains that credit score, home price, loan amount, down payment, loan term, loan type, and interest rate type affect lenders’ mortgage rate decisions based on perceived risk.
How Lenders Price Mortgage Rates Based On Risk
Applicants with higher credit scores, larger down payments, lower loan-to-value ratios, owner-occupied properties, and stable incomes are considered less risky than those with lower credit scores, smaller down payments, recent credit issues, or investment properties.
Credit challenges do not prevent approval; however, lenders may offer different rates or loan programs. Working with a lender who has many options can be beneficial.
Many borrowers focus only on the lowest advertised rate, which can be misleading. Advertised rates often assume ideal conditions, such as excellent credit, a large down payment, an owner-occupied single-family property, a low loan-to-value ratio, a short rate lock, and payment of discount points at closing.
How Higher Credit Scores Can Help Lower Mortgage Rates
Credit score is one of the biggest factors you can control when it comes to rates. A higher score usually means better rates because lenders see you as less risky. Even with a lower score, you may still get a loan, but the rate, fees, or loan options might be different.
Fannie Mae states that loan-level price adjustments are assessed based on the representative credit score and other eligibility or loan features.
How you can improve your credit score is one of the biggest factors you can control for mortgage rates. A higher score usually means better rates because lenders see you as less risky. Even with a lower score, you may still get a loan, but the rate, fees, or loan options might differ. It’s largely on conventional loans where loan-level price adjustments may apply.
Why Credit Score Tiers Matter
Mortgage pricing often varies by credit score tier. Borrowers may encounter different pricing at credit scores of 680, 700, 720, 740, or 760, depending on the specific loan program and lender. Enhancing one’s credit score before applying can potentially reduce the interest rate or decrease the overall cost of financing. However, borrowers should not assume they need perfect credit. FHA, VA, non-QM, bank statement, and other mortgage options may allow borrowers to qualify even when conventional pricing is not ideal.
Down Payment And Loan-To-Value Ratio
The down payment affects the loan-to-value ratio (LTV). The LTV compares the mortgage loan amount to the property’s purchase price. A lower LTV usually means the borrower has more equity in the home and less risk to the lender.
How Loan-To-Value Affects Mortgage Rates
If you put 20% down, your LTV is lower than if you put only 3% down. A lower LTV can sometimes get you a better rate, lower mortgage insurance, or make it easier to get approved. On conventional loans, LTV can affect loan-level price adjustments. Fannie Mae’s LLPA matrix shows that pricing adjustments can be based on loan features such as credit score, loan purpose, occupancy, number of units, and product type.
Why A Larger Down Payment Does Not Always Guarantee The Best Rate
A bigger down payment can help, but it is not the only factor. Your credit score, loan type, property type, occupancy, lock period, points, and lender pricing also matter. Someone with a large down payment but lower credit might not get a better rate than someone with a smaller down payment and higher credit.
Mortgage Rate Pricing – Loan-Level Pricing Adjustments
The type of mortgage program affects the interest rate. Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, bank statement loans, DSCR loans, and non-QM loans are priced differently.
Conventional Loan Mortgage Rates
Conventional loans are not insured by the federal government. They are commonly used by borrowers with strong credit, stable income, and acceptable debt-to-income ratios. Conventional mortgage rates can be competitive, but pricing may be affected by loan-level price adjustments.
FHA Loan Mortgage Rates
FHA loans are backed by the Federal Housing Administration and are often popular with first-time homebuyers, borrowers with lower credit scores, and borrowers with higher debt-to-income ratios. FHA rates may be competitive, but borrowers must factor in FHA mortgage insurance when comparing total monthly payments.
VA Loan Mortgage Rates
VA loans are available to eligible veterans, active-duty service members, and qualifying surviving spouses. VA loans often offer strong pricing, no monthly PMI, and flexible credit guidelines. However, many lenders add VA lender overlays, such as minimum credit score requirements, even though VA guidelines themselves may be more flexible.
USDA Loan Mortgage Rates
USDA loans are designed for eligible rural and suburban properties and qualified borrowers who meet income and property requirements. USDA loans can offer attractive financing options with no down payment for eligible borrowers, but property eligibility and income limits matter.
Non-QM And Bank Statement Mortgage Rates
Non-QM loans, bank statement loans, DSCR loans, asset depletion loans, and other alternative mortgage programs are priced differently from agency loans. These programs can help borrowers who do not fit traditional lending guidelines, but the rates are often higher because the loans carry more risk or use alternative documentation.
What Affects Your Mortgage Rate? Know Before You Lock In
Credit score, down payment, loan type—it all matters. Get a Free Rate Quote Today!Loan Term And Mortgage Rates
The mortgage terThe mortgage term affects the rate. A 15-year fixed mortgage usually has a different rate than a 30-year fixed. Shorter terms often mean lower rates but higher monthly payments. Longer terms mean lower payments but more interest over time. Longer terms can improve affordability and monthly cash flow, but the rate may be higher than for a shorter-term loan.
Mortgage Rates
A 15-year fixed mortgage may offer lower rates and faster payoff. The downside is that the monthly payment is higher because the loan is repaid in half the time.
Adjustable-Rate Mortgage Pricing
Adjustable-rate mortgages (ARMs) often start with a lower rate than fixed-rate loans, but the rate can change later based on the loan terms. ARMs can work for some people, but you need to plan carefully.
Fixed Rate Versus Adjustable Rate Mortgages
The interest rate type also affects mortgage pricing. Fixed-rate mortgages provide payment stability because the principal and interest payments do not change. Adjustable-rate mortgages may offer a lower initial rate but can change after the fixed period ends.
When A Fixed-Rate Mortgage May Make Sense
A fixed-rate mortgage is a good choice if you want steady payments, plan to stay in your home for a long time, or do not want to worry about rates changing in the future.
When An Adjustable-Rate Mortgage May Make Sense
An adjustable-rate mortgage may make sense if you plan to sell, refinance, or pay off your loan before the rate adjusts. Just be sure you understand the risk if rates go up later. Occupancy is one of the most important mortgage pricing factors. Lenders price owner-occupied homes, second homes, and investment properties differently.
Primary Residence Mortgage Rates
Primary residences usually receive the best mortgage pricing because borrowers are more likely to prioritize payments on their homes.
Second Home Mortgage Rates
Second homes often have higher rates or stricter pricing than your main home because they are not your primary residence.
Investment Property Mortgage Rates
Investment properties usually come with higher mortgage rates than your main home. Lenders see rentals as riskier since people may stop paying on them first if money gets tight.
Property Type And Mortgage Rates
The type of property also affects mortgage rates. A single-family home is usually priced differently from a condominium, manufactured home, multi-unit property, condotel, or non-warrantable condo.
Single-Family Homes
Single-family homes are often the simplest type of property to finance. They usually have the broadest loan program options and the cleanest pricing structure.
Condominiums And Warrantable Condos
Condos may need extra review. If a condo meets certain standards, it can qualify for regular financing. If not, you might need a special loan, which can affect your rate.
Multi-Unit Properties
Two- to four-unit properties may have different pricing than single-family homes. Lenders may require more reserves, stronger qualifications, or additional pricing adjustments.
Manufactured Homes
Manufactured homes may have different rules and pricing. Not every lender offers loans for these homes, and requirements can vary a lot.efinance, or Cash-Out Refinance. Mortgage rates can also change based on the purpose of the loan. A home purchase, rate-and-term refinance, and cash-out refinance may not receive the same pricing.
Purchase Mortgage Rates
Purchase loans help you buy a home. The rate depends on your situation, the property, loan type, down payment, and how long you lock in your rate.
Rate-And-Term Refinance Mortgage Rates
A rate-and-term refinance swaps your current mortgage for a new one, often to get a better rate, change the loan length, or remove someone from the loan. The rate may differ from that of a purchase loan.
Cash-Out Refinance Mortgage Rates
Cash-out refinances usually have higher rates because you are taking money out of your home. Lenders see this as riskier because your loan balance increases.
Debt-To-Income Ratio And Mortgage Rates
Debt-to-income ratio, also known as DTI, measures how much of a borrower’s monthly income goes toward debts. DTI may affect loan approval, loan program options, and, in some cases, pricing.
Why DTI Matters To Lenders
If your debt-to-income ratio is low, you may have more room in your budget for a mortgage payment. If it is higher, you might still qualify, but the lender could require more savings, steady income, or automated approval.
How DTI Can Affect Loan Options
If your debt-to-income ratio is high, you might still get approved for an FHA, VA, or non-QM loan if a regular loan does not work. The lender you choose matters because some have stricter rules than others.
Discount Points And Mortgage Rates
Discount points are fees paid up front to reduce the interest rate. One point generally equals one percent of the loan amount. Paying points may lower the monthly payment, but they increase closing costs.
When Paying Points May Make Sense
Paying points can make sense if you plan to keep your mortgage for many years and want a lower monthly payment. Be sure to figure out when you will break even before deciding.
When Paying Points May Not Make Sense
Paying points may not be a good idea if you plan to sell or refinance soon. If you do not keep the loan long enough to make up the upfront cost, it might not be worth it.
Lock Period And Mortgage Pricing
A mortgage rate lock protects the borrower from market movement for a specific period. Common lock periods may range from 15 to 60 days, depending on the lender and transaction.
Why Longer Rate Locks Can Cost More
Longer rate locks may cost more because the lender assumes greater market risk. A short lock may be cheaper, but it may not give enough time to close if the loan file is complex.
Why Borrowers Should Confirm Whether The Rate Is Locked
The CFPB advises borrowers to check whether the interest rate is locked on the Loan Estimate and review when the lock expires. If a rate is not locked, it can change before closing.
Lender Pricing And Mortgage Company Margins
Not all lenders price loans the same way. Mortgage companies may have different overhead costs, investor relationships, compensation models, and access to wholesale lenders. This is why the same borrower may receive different mortgage rate quotes from different lenders.
Why Shopping Lenders Can Matter
Borrowers should compare more than one Loan Estimate if possible. The interest rate is important, but so are lender fees, discount points, closing costs, mortgage insurance, prepayment rules, and the lender’s approval flexibility.
Lender Overlays
A lender overlay is an internal rule that is stricter than agency guidelines. For example, a borrower may meet FHA, VA, USDA, or conventional guidelines but still be denied because the lender has a higher minimum credit score requirement or stricter debt-to-income rule. Gustan Cho Associates is known for helping borrowers who may not qualify with other lenders due to overlays. This can be especially important for borrowers with recent credit events, higher DTI, manual underwriting needs, non-QM scenarios, or unique income documentation.
Par Mortgage Rates Versus Loan-Level Pricing Adjustments
The most qualified borrowers to get par rates of 3.75% (this rate is for illustrative purposes only) need the following:
- perfect credit
- single-family home purchase
- over 740 credit scores
- reserves
- 25% down payment and 75% LTV
- no negative credit item
- reserves
Loan-level pricing adjustments are pricing hits by lenders for borrowers with specific risk factors. The higher the risk, the larger the LLPAs are.
High Credit Scores Yield Lower Rates
A borrower with the above credit profile will likely not have any negative price adjustments. High credit score borrowers will get the best par 3.75% mortgage rates (the par rate used in this example. Borrowers with lower credit scores, high loan-to-value, and higher debt-to-income ratios will likely get a negative price adjustment. Their mortgage rates will be higher. Every lender has its own pricing hit based on risk factors.
Credit Scores and What Factors Affect Mortgage Rates
Credit scores have the biggest impact on mortgage rates, especially with conventional loans. The lower credit scores are, the higher mortgage rates will be. For example, let’s take a case scenario:
- if mortgage rates nationally are 3.75%
- this rate will only be available for borrowers with credit scores of 740 or higher on a conventional loan
What Factors Affect Mortgage Rates on Conventional Loans?
Conventional loan programs are extremely credit score sensitive. For example, a borrower with a 720 credit score can get quoted a mortgage rate at 4.0%. Scores at 700 FICO, the rate can be priced at 4.25%. Scores falling between 680 and 699, the LLPA can drive the rate to 4.5%. When the scores fall between 660 and 679, rates can be at 4.75%. 640 and 659 credit scores, the mortgage rate can be priced at 5.0%. For borrowers with scores of 620 and 639 FICO, the rates can be over 5.0% to 6.0% on a conventional loan.
What Factors Affect Mortgage Rates on FHA Loans?
FHA loans are not as credit score sensitive as conventional loans. Let’s take a case scenario and say FHA mortgage rates are around 4.0% nationally (We are using rates on this blog for illustration purposes only). If credit scores are 680 or greater, the chances are that borrowers will get the best mortgage rates on FHA loans. If credit scores fall below 600 FICO borrowers may get mortgage rates higher than 5.0% plus possibly pay discount points due to Loan Level Pricing Adjustments (LLPA).
Cash-Out Refinance Mortgage Has Higher Mortgage Rates
Homeowners who want cash-out refinance mortgage loans will get a higher mortgage rate. No matter which mortgage loan program borrowers choose, almost all lenders will charge between a 0.25% to 0.75% mortgage rate increase over the par rate on the cash-out feature.
Multiple-Units And 203k Loans Have Higher Mortgage Rates
Multiple-unit properties, 2 to 4 units, have higher mortgage rates than single-family homes for all mortgage loan programs. Both conventional, FHA, and VA multiple-unit property loans will normally have a 0.25% to 0.75% mortgage rate adjustment over par rates. FHA 203k loan programs have higher mortgage rates. Normally, FHA 203k loans have LLPAs of 0.50% or more due to risk.
Loan-To-Value Price Adjustment
It would be best if you had a loan-to-value of 75% LTV or lower to get the best mortgage rates. Any loan to value higher than 75% LTV will get a mortgage rate price adjustment.
How Lenders Base Risk Pricing Mortgage Rates
The higher the risk borrowers pose to lenders, the higher the mortgage rates. Lower credit scores pose a great risk for mortgage lenders. That is why lenders will charge a higher mortgage rate than those with higher credit scores. A borrower who has more skin in the game by putting a larger down payment. A larger down payment minimizes the risk for mortgage lenders. Larger down payments prove skin in the game. Lower loan-to-value is considered compensating factor. Less risk on lenders. Larger down payments are charged a lower mortgage rate. The lower the loan-to-value is, the lower the mortgage rate.
Loan-Level Pricing Adjustments on Multi-Family Homes
2 to 4-unit properties pose a greater risk to lenders than a single-family home. Mortgage lenders charge a higher rate for multi-unit properties. Same with high-end homes. Mortgage rates for jumbo mortgages are higher than conventional mortgage rates. Condos have higher rates than single-family homes. Higher debt-to-income ratio, borrowers get higher rates. Manual Underwriting has higher rates than borrowers with approve/eligible per Automated Underwriting System.
Market Conditions That Affect Mortgage Rates
Borrower-level factors affect the rate a borrower receives, but market conditions affect the overall direction of mortgage rates. Mortgage rates are influenced by inflation, economic growth, Federal Reserve policy, bond market demand, mortgage-backed securities, investor appetite, and broader financial conditions.
Inflation And Mortgage Rates
Inflation is one of the biggest forces behind mortgage rate movement. When inflation is high, investors often demand higher yields, which can push mortgage rates higher.
The Federal Reserve And Mortgage Rates
The Federal Reserve does not directly set 30-year fixed mortgage rates. However, Fed policy affects short-term rates, financial markets, inflation expectations, and investor behavior. These factors can indirectly influence mortgage rates.
Mortgage-Backed Securities And The Bond Market
Most mortgage rates are closely tied to the mortgage-backed securities market. When investors demand higher returns on mortgage-backed securities, mortgage rates can rise. When demand is strong and yields fall, mortgage rates may improve.
Want the Lowest Possible Mortgage Rate? Here’s What Impacts It
From credit scores to loan size, small changes make a big difference. Start Your Personalized Rate Analysis Now!How Loan-Level Price Adjustments Affect Conventional Mortgage Rates
Loan-level price adjustments, also known as LLPAs, are risk-based pricing adjustments that can apply to conventional loans sold to Fannie Mae or Freddie Mac. They may be based on credit score, LTV, loan purpose, occupancy, property type, and other loan characteristics.
Why LLPAs Matter
LLPAs can affect the final mortgage rate or the loan’s cost. A borrower may choose to accept a slightly higher rate to reduce upfront cost, or pay more upfront to receive a lower rate.
LLPAs Are Not The Same As Lender Overlays
LLPAs are pricing adjustments. Lender overlays are approval restrictions. A borrower can meet agency guidelines and still receive different pricing based on LLPAs. A borrower can still meet agency guidelines and be denied by a lender due to overlays.
Mortgage Insurance And Total Monthly Payment
Mortgage insurance does not always change your interest rate, but it does affect your total monthly payment. Be sure to look at the full payment, not just the rate. GE insurance may be required for conventional loans when the borrower puts down less than 20%. PMI cost can vary based on credit score, down payment, loan type, and borrower profile.
FHA Mortgage Insurance
FHA loans require mortgage insurance. Even if the rate looks good, make sure to compare the total payment with insurance included. Loans do not require monthly PMI, which can make the total payment attractive for eligible borrowers, even when comparing different mortgage programs.
How Borrowers Can Improve Their Mortgage Rate
Borrowers may not control the bond market, but they can control several factors that affect their mortgage rate. Pay your bills on time, lower your credit card balances, avoid new debt, and fix any errors on your credit report to improve your credit profile. A larger down payment can reduce LTV, lower mortgage insurance, strengthen approval, and sometimes improve pricing. The best mortgage rate is not always the same for everyone, even within the same loan type. FHA, VA, USDA, conventional, non-QM, bank statement, and DSCR loans all have different rates and rules.
Closing Costs, Lender Credits, And The Real Cost Of A Mortgage
Borrowers should avoid opening new credit accounts, buying a car on credit, changing jobs without first seeking advice, making large unexplained deposits, or running up credit card balances while getting a mortgage. A lender with access to many wholesalers can often find a better match for you than one with fewer options. This is especially helpful.
If you have credit issues, are self-employed, have a recent bankruptcy, have a high DTI, or need a loan for an investment property, the team at Gustan Cho Associates can help you.
The mortgage rate is what you pay to borrow money over time. Closing costs are what you pay upfront to get the loan. Sometimes you can pick a lower rate with higher upfront costs, or a higher rate with lower upfront costs. A no-cost mortgage is not free. It usually means you take a higher rate, and the lender gives you credits to help pay your closing costs.
Low-Rate Mortgage Options
A low-rate mortgage might mean paying discount points or higher upfront fees. Be sure to compare both the rate and the cost to get that rate.
How To Compare Mortgage Rate Quotes The Right Way
Borrowers should compare mortgage quotes using the same loan type, loan amount, down payment, credit score, property type, occupancy, lock period, and points structure.
Compare The Loan Estimate
The Loan Estimate is a great tool for comparing mortgage offers. Look at the interest rate, APR, monthly payment, estimated cash to close, origination fees, discount points, lender credits, and whether your rate is locked.
Ask These Questions Before Choosing A Lender
Ask whether your rate is locked, how long the lock lasts, whether points are included, whether lender credits are used, what extra rules the lender has, and whether they can close your loan on time.
Best Mortgage Lenders For Bad Credit With No Overlays
Gustan Cho Associates has a national reputation for being able to do mortgage loans other lenders cannot do. Over 80% of our borrowers are clients who could not qualify at other mortgage companies due to overlays or because the other lender did not have the mortgage loan option they needed.
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Gustan Cho Associates NMLS 2315275 is a dba of NEXA Lending NMLS 1660690. Assumed Name filed on April 6, 2022. The company’s filing status is active, and its File Number is X001725342. The company’s principal address is 999 Oakmont Plaza Ste 600, Westmont, IL 60559.
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Final Thoughts On What Factors Affect Mortgage Rates
Understanding what factors affect mortgage rates can help borrowers make smarter mortgage decisions. The rate a borrower receives depends on market conditions, credit score, down payment, loan-to-value ratio, loan program, property type, occupancy, loan purpose, loan term, points, lender pricing, and rate lock period.
The lowest rate is not always the best mortgage. The right mortgage is the loan that fits the borrower’s financial goals, approval profile, closing timeline, and long-term plans.
Gustan Cho Associates helps borrowers compare mortgage options, understand rate pricing, and find loan programs for borrowers who may not qualify at other lenders due to overlays. Whether the borrower is buying a home, refinancing, using FHA, VA, USDA, conventional, jumbo, non-QM, bank statement, or DSCR financing, the right lender can make a major difference.
FAQs About What Factors Affect Mortgage Rates
Does Credit Score Affect Mortgage Rates?
Yes. Credit score is one of the most important factors that affect mortgage rates. Borrowers with higher credit scores often qualify for better pricing, while borrowers with lower credit scores may receive higher rates or need a different loan program.
Does A Larger Down Payment Lower Your Mortgage Rate?
A larger down payment can sometimes help lower the mortgage rate by reducing the loan-to-value ratio. However, down payment is only one factor. Credit score, loan type, occupancy, property type, and lender pricing also matter.
Why Do Different Lenders Offer Different Mortgage Rates?
Different lenders may offer different mortgage rates because they have different pricing models, profit margins, investor relationships, underwriting overlays, compensation structures, and loan program options. This is why comparing Loan Estimates can help borrowers understand the full cost of each offer.
Do FHA Loans Have Lower Mortgage Rates Than Conventional Loans?
FHA loans may sometimes have lower note rates than conventional loans, especially for borrowers with lower credit scores. However, borrowers must also consider FHA mortgage insurance. The best loan is based on total monthly payment, closing costs, approval strength, and long-term goals.
Do VA Loans Have Better Mortgage Rates?
VA loans often have competitive rates and do not require monthly PMI. Eligible veterans and service members may benefit from VA financing, especially when working with a lender that does not add unnecessary VA lender overlays.
What Is The Difference Between Interest Rate And APR?
The interest rate is the cost of borrowing the mortgage principal. APR includes the interest rate and certain loan costs, helping borrowers compare the broader cost of financing. Borrowers should review both the interest rate and APR on the Loan Estimate.
Should I Pay Points To Lower My Mortgage Rate?
Paying points may make sense if the borrower plans to keep the loan long enough to recover the upfront cost through monthly savings. If the borrower plans to sell or refinance soon, paying points may not be worth it.
Can Mortgage Rates Change Before Closing?
Yes. Mortgage rates can change before closing if the rate is not locked. Once locked, the rate is usually protected through the lock expiration date as long as the borrower closes on time and there are no major changes to the application.
How Can I Bet The Best Mortgage Rate?
To get the best mortgage rate, borrowers should improve their credit, reduce debt, save for a stronger down payment, compare loan programs, avoid new debt before closing, review Loan Estimates, and work with a lender that has access to multiple mortgage options.
