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Primary residence mortgage rates explained

Published On: September 2nd, 2022

What type of home are you buying? There’s a big difference between purchasing a primary residence, second home or investment property as far as mortgage rates, requirements and qualifications go.

What are mortgage rates for a primary residence?

Generally, primary residence home loans have lower mortgage rates than investment properties and second homes. Many lenders’ websites show “today’s rates,” which are based on the market rate or lowest available rate. Just because you see a listed rate, doesn’t mean you’ll be able to lock that in. Those are often the lowest rates available, and your application may need to hit very specific criteria to get that rate. While it’s important to stay competitive with mortgage rates, customer service is our number one priority at Guild. Building strong connections and long-lasting relationships is why we’ve been in business since 1960. We’ll work with you to get a loan to fit your life, with a competitive rate. If you’re ready to find out what your mortgage rate for a primary residence could be, contact a loan officer today.

What factors influence primary residence mortgage rates?

When determining your mortgage rate, lenders will consider your credit score and credit history, debt-to-income ratio, the economy and the Fed’s base interest rate. A low mortgage rate could save you a substantial amount of money in the long run. You can use our total payment calculator to see how much home you can afford at different mortgage rates.

Primary residence mortgage requirements

A primary residence mortgage is the easiest to qualify for. Since this is your main residence, it’s less risky for lenders, and therefore requires lower credit scores and less money down than second home and investment property mortgages. There are many loan programs available for you to choose from. Primary residence mortgage options include Conventional loans, FHA loans, USDA loans, Jumbo loans, plus manufactured home financing options. We have many types of loans to fit your life.

Primary residence mortgage rules

What classifies a home as your primary residence if you own more than one home? A primary residence is:

  • The home you live in most of the time.
  • The address closest to where you work and clubs you belong to.
  • The address that your car is registered to, and where your tax returns are mailed.

Ready to find out more about primary residence mortgage rates?

If the answer is yes, we’re ready to help. If you’re looking to do more research, our homebuyers loan guide is a great place to start, with helpful resources and mortgage calculators to help you get started. When you’re ready to talk to a local loan officer, we can get you dialed in with your primary residence mortgage rate after working with you one-on-one.

The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. *By refinancing an existing loan, total finance charges may be higher over the life of the loan. *Information is for general illustrative purposes only. The information is believed to be reliable, but Guild Mortgage does not warrant its completeness, timeliness or accuracy. Guild Mortgage assumes no responsibility for errors or omissions in the information provided. *Typically, a non-purchase second mortgage. **Please consult your financial advisor on the consolidation of short term debt into long term debt.

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