Your mortgage rate depends on your credit score, down payment, loan type, loan term and whether you pay points. Improving your credit, comparing loan types and comparing official Loan Estimates are the best ways to get a better rate on your first Ogden home.
What affects your mortgage rate
- Credit score: higher scores generally qualify for better pricing
- Down payment: more equity can mean a lower rate or less mortgage insurance
- Loan type: conventional, FHA, VA and USDA are each priced differently
- Loan term: 15-year loans usually have lower rates than 30-year loans
- Points: you can pay discount points upfront to lower your rate
- The market: rates move daily with the broader economy
Fixed-rate vs. adjustable-rate
A fixed-rate mortgage keeps the same rate for the life of the loan, so your principal and interest never change. An adjustable-rate mortgage (ARM) starts with a fixed rate for a set period, then adjusts. ARMs can make sense if you expect to move or refinance before the adjustment period.
Loan programs popular with first-time buyers
- FHA: 3.5% down with flexible credit guidelines
- Conventional: as little as 3% down for qualified buyers, and mortgage insurance can be removed later
- VA: 0% down for eligible veterans and service members
- USDA: 0% down in eligible areas
Steps to get a better rate
- Check your credit and pay down revolving balances before applying
- Avoid opening new credit while you're buying
- Compare loan programs, not just rates — look at mortgage insurance and total cost
- Compare official Loan Estimates line by line
- Ask how points would change your rate and break-even timeline
- Lock your rate once you're under contract and comfortable with the numbers
Get a personalized quote
Kenny helps first-time buyers across Ogden and Weber County compare programs side by side so you can see exactly how each option affects your payment and cash to close.
Have a question about your situation?
Kenny offers free, no-pressure consultations — call, text or start online.