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.

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.

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.

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.

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.

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.