How to Determine Your Home Mortgage Interest Rate

What Affects Your Mortgage Interest Rate?

Multiple factors are in play when it comes to mortgage rates in Arizona. For the rate you qualify for, factors such as past financial decisions and general economic conditions can have an impact, including:

Credit Score

Your credit score plays a huge part in determining what loans are available to you. The Deb Klein Team typically requires a minimum credit score of 620. Some of the mortgage programs we offer start at 700. Typically the higher your credit score, the better rates you can qualify for.


Your mortgage interest rate is also determined by the size of your down payment and the appraised value of the property you want to buy. This is called the loan-to-value ratio. A higher loan-to-value ratio puts financial institutions at greater risk. In these cases, lenders may increase the interest rate and/or require mortgage insurance.

Factors Beyond Your Control

The general health of the economy and rate of inflation also affect mortgage rates, which may or may not work in your favor. The good news it that lately we are seeing historically low interest rates which should hold steady.


The Right Mortgage Loan

As local mortgage specialists, the Deb Klein Team can help you determine which mortgage loan type best fits your needs, goals and financial capabilities, whether it be a fixed- or adjustable-rate mortgage.

Whatever loan type you pursue, the Deb Klein Team will help you from start to finish. Deb Klein and our team of mortgage specialists make the lending process as stress-free as possible for you, providing you competitive loan terms and conditions based on your unique situation. Contact us today for a free mortgage loan consultation.