July 14, 2022

Published Mortgage Rates Can Be Misleading

All banks and lenders use risk-based pricing models to determine the final interest rate of a loan. Promotional rate offers published online or sent in the mail are often based on ideal scenarios that do not reflect the borrower’s actual eligibility. No rate quote is final until all of the following factors have been evaluated. This requires a full loan application including a credit report and income documentation.

30 Factors That Influence Your Mortgage Interest Rate

  1. Loan Amount
  2. Loan Term (30 / 15 years)
  3. Loan Purpose (Purchase / Refinance)
  4. LTV (Loan to Value)
  5. Property State
  6. Property Type
  7. Occupancy (Owner Occupied / Investment)
  8. Credit History
  9. Asset Verification
  10. Relocation
  11. Concessions
  12. Employment Status
  13. Co-Borrower
  14. Rate Lock Period
  15. Underwriting System
  16. Loan Type (Conventional / FHA / VA)
  17. Amortization
  18. Cash Out Amount
  19. CLTV (Combine Loan to Value)
  20. Property County
  21. Number of Units
  22. Credit Score
  23. Debt Tolerance Ratio
  24. Reserves
  25. Gift Funds
  26. Income Verification
  27. Employment Info
  28. Citizenship
  29. Mortgage Insurance
  30. Inclusion or exclusion of escrow

The mortgage process can be complicated. That's why it’s important to work with a quality lender like the Boles Group at Bay Equity Home Loans. Boles Group lending professionals put the time in to fully understand your financial history as well as your goals for the future.

The loan with the lowest interest rate may not be the best or the most affordable loan available for your circumstances. Working with an experienced loan officer who knows you personally is the most reliable way to find YOUR best loan.

Call the Boles Group at 480-279-0032 to get started.


Bay Equity Home Loans – Boles Group is licensed to originate home loans for purchase or refinance in 19 states (AZ, CA, CO, Fl, GA,HI, ID, MN, MT, NC, NM, NV, OK, OR, TN, TX, WA,WI, WY). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.