1. It is pertinent to note that since lending rates have been on the low, the opportunity for house buyers is is very attractive and can slip easily, but if you are interested in buying a house or planning to refinance the existing interest rate of your mortgage , then you have to take note of the following factors that can determine whether you get the best mortgate rate or not.2. The total loan amount or the price of the House: You should note that if the total loan amount is too low, then your lender will likely aim to earn more interest by increasing the interest rate simply because, your loan amount is too small. Also, if it is a jumbo loan amount or the price of the house is too high, then the lender will likely aim to offset the risk by raising his profit. Hence, to get the best mortgage rate, you have to place a median amount for your loan. Not too high and not too low!3. Another factor that influences your Mortgage rate is the down payment that you are expected to pay. The amount that that you are expected to put down for your new house influences the mortgage rate you will pay a great deal. The lender charges you based on the risk he or she takes. If your down payment is too small then you will not get a favourable mortgage rate. Mostly acceptable mortgage rate falls within the domain of 20%. Though most US banks can accept between 10% - 15% down payment.

4.Your Reputation: This is otherwise known as your Credit score. This is clearly the most conspicuous factor that will determine your mortgage rate. This has to do with your payment interest, the length of your credit history, your credit account mix, how you utilize your credit and your new credit accounts. The major determinants (up to 65%) are your payment history and how you utilize your credit. Lenders aim to be very comfortable and certain about your ability to pay back the loan. Lenders are always ready to give out mortgages to people with high credit score and good reputation. So if you have a poor reputation and a low credit score, then it is likely that you may not get a good mortgage rate. Location of your Home: The location of your home is a great determinant on your mortgage rate. Lenders consider where your house is located. The strength of the Housing market in your Locality can determine the lenders’ profit rate. If your house is in an area or a state with a poor Housing market, then the lender will raise their profit because of the increased risk and vice versa. Also, areas with expensive cost such as riverine areas will attract a high mortgage rate

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