There are many factors at play when your interest rate is determined by your mortgage broker. Your Debt to income ratio (DTI) is a major factor as is the amount of assets you have. Credit score is important in the factor but if you have a good amount of assets and good consumer payment history you may still be eligible for conforming interest rates with out a high credit score.

In the mortgage industry, Conforming mortgage interest rates are considered to be the lowest interest rate possible. Conforming loans have one set of qualifying guidelines. In order to get a home mortgage with the lowest interest rate, loan applicants must qualify with acceptable Debt-to-Income Ratio, credit history, property type, residency type, Loan-to-Value Ratio, asset reserves, employment history, etc. Borrowers are penalized with a slightly higher interest rate with each qualification criterion out of the Conforming guidelines.

Just because a mortgage professional quotes an appealing interest rate, it doesn't mean it is the best deal available. If you are rate shopping and the rate is lower with ABC lender than with the majority of other lenders, make sure you pay careful attention to the fees that are being charged. Sometimes lenders will offset the lower interest rate quotes with higher closing fees. Keep in mind that these fees should not be confused with paying discount points to buy down the interest rate.