There are lots of factors that influence the mortgage rate you receive.

Are you preparing to apply for a loan? Here’s what will impact your rate:

• Your credit score. The higher your credit score, the better your interest rate will be.
• The amount of debt you have. Lenders want to know how much of your income you put toward debts each month.
• Your down payment. Bigger down payments typically mean lower rates, while small down payments mean the opposite.

Your loan program will also play a role. Some loans offer lower rates than others. VA loan rates (for veterans and military members) offer some of the lowest rates out there.