What dictates your interest rate? (loan, credit score, loan, cash)

[shbroc]

Currently researching a re-fi and was curious as to what factors are used by banks/brokers to come up with the interest rate they quote you?

We currently have a interest rate of 8.375% and has gotten offers of rates between 6.50% and 6.00%

Any insight would be appreciated.

Thanks

[westchester]

your credit score is # 1 and then your credit to debt ratio

[renriq02]

Actually, Score/Loan to value are usually what determines your rate.

If you have 95% loan to value....and 680+ score you should get 6% or lower for a 30yr fixed. (with no major derogs, and 150k loan amount)

If you have 80% LTV, and a 680 score..you should get 5.375%-5.5% (no cash out)