Qualifying for a mortgage loan can be an emotional roller coaster. Gathering documents, double checking financial statements, and reviewing your credit are all part of what it'll take for you to get the mortgage loan you desire, but you may also be wondering as you go through the process, ?What affects my mortgage rates?? If by chance you haven't asked yourself this question, then you should, because the answer affects you, whether you are aware of them or not.

Mortgage rates are based on a host of criteria and stipulations, many of these you have no control over but as far as others are concerned, only you hold the key. If you want to get the best interest rates and terms available on a mortgage rate then you should know what affects the rates you are offered.

Your credit- Your credit rating is one of the main ways in which lenders gauge your ability to repay a mortgage loan. If you've exemplified a history of paying your bills on time and in full then you should have no problem in this area. But if your credit has some past delinquencies or reveals purchases that were not completely paid for then you can expect to pay higher interest rates and experience difficulty in finding loans at all.

Your debt to income ratio-Even if you have really good credit but have a high amount of debt, this can hurt you. Mortgage lenders want to know that you will repay your home loan no matter what happens and if you have a high amount of debt, lenders tend to feel as though you may have trouble repaying them if/when you experience financial hardships.

The value of the home- The more expensive the home is, the more you'll likely need to borrow, and the more money you choose to borrow, the more risky you are perceived to be. If you seek to borrow the full value amount of a home then you can expect to face more stringent standards than someone who is only seeking a partial loan.

The length of the loan- If you seek a mortgage loan that is shorter then you can expect to make higher payments for a shorter period, whereas if you take out a longer loan then your payments will be lower but you'll pay more interest over time.

Knowing what affects your mortgage rate will assist you in getting the mortgage rates that are right for you.