Determining your Available Mortgage Rate

Factors contributing to someone's credit score...

Factors contributing to someone’s credit score, for Credit score (United States). (Photo credit: Wikipedia)

I recently interviewed Mr. Stephen Speer, a senior mortgage adviser with Inlanta Mortgage.  Mr. Speer has over 20 years of experience in providing mortgages with wide range of financial products and is located in Tampa, Florida.

Getting mortgage financing is not like buying gasoline anymore. It’s like getting life insurance….

There are 20 Variables that Determine Your Available Mortgage Rate:

Rate affected if any of these are required or altered:

  • Points
  • Origination  Fee
  • Required  Escrow  vs.  Waiving  Escrow
  • Locked  Period:  15,  30,  45,  60  days  or  longer
  • Total  Lender  Fees:  Appraisal,  Credit,  Flood  Cert,  Tax  Service,  Doc  Prep,  Processing,  Underwriting,  etc. 

Rate affected by the outcome of all of these:

  • Credit  Score
  • LTV  / CLTV (Loan-to-Value Ratio)
  • DTI  (Debt-to-Income Ratio)
  • Number  of  Months  of  Reserves
  • Loan  Amount  (Conforming  vs.  Non-Conforming)
  • Loan  Type  (FNMA/FHLMC,  FHA,  VA)
  • Loan  Product  (Arm,  Fixed)
  • Loan  Term  (40,  30,  25,  20,  15,  10, 7,  5,  3,  1  year(s))
  • Principal & Interest vs.  Interest  Only
  • Loan  Purpose  (Purchase,  R/T  Refi,  or  Cash-Out  Refi)
  • Occupancy  (Primary  Residence,  Second  Home  or  Investment  Property
  • Property  Type  (SFR,  PUD,  Condo  +  New  Construction  vs.  Existing)
  • Number  of  Units  (1,2,3,  or  4 Unit)
  • Subordinate Financing
  • Current Price on Mortgage-Backed Securities (Market Fluctuation)

For more information about finding the right financial product for you, you can contact Stephen Speer at, or visit his web site at   If you are interested in buying a new home or any other home, please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  My email address is or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for homes on my website at this link.


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