BATTLECALL GUEST EXPERT: Joseph Kinney, Loan Officer

Your mortgage interest rate is determined by many factors. The first and foremost among these factors is your credit score. If you have a poor credit score, say 450 or 500, then your mortgage interest rate will be higher than someone with a good score of say 700.

The reason for this is that the mortgage lender considers the person with the higher credit score to be a better risk, and a person who, according to their credit history, is more likely to make the payment, and may the payment on time.

Another determining factor in your mortgage interest rate is the amount of time you've been on the job you have now. If you have held your current job for less than one year, you can understand that you simply don't look as stable as a person who has been at the same job for five years.

A lot can happen over time, and a person with a five year track record is much more likely, at least to the people who set mortgage interest rate payments, to stay with a job and have a continuing source of income with which to pay the mortgage.

If you are a first time home buyer, fear not. There is a mortgage lender available for you no matter what your credit history or credit score. However, if you have bad credit, or very little time on the job, or simply no credit history, then the mortgage interest rate that you pay on your home may be a little bit higher than someone with better circumstances in both areas.

Another way of paying a lower mortgage interest rate is by making a down payment on the home, or if you'd already planned on making a down payment, making a larger down payment than initially planned. If you have more of your own money tied up in the home you look like a more serious potential buyer to the mortgage lender and the mortgage interest rate that you are required to pay may go down in comparison.

Another way to get a lower mortgage interest rate is to find a co signer who has a higher credit score, more time on the job and a better credit rating in general. Many times parents will help children out on a first home by signing as a co signer to secure a lower mortgage interest rate.