Several factors influence your mortgage interest rate. These include your credit score, debt-to-income ratio, loan-to-value ratio, the type of loan, and current market conditions. A higher credit score and lower ratios generally lead to lower interest rates.

Down payment requirements vary. Conventional loans often require 3% to 20%, while government-backed loans like FHA may require as little as 3.5%. The specific amount depends on the loan type, your creditworthiness, and the lender's policies.

A fixed-rate mortgage has a constant interest rate and monthly payments throughout the loan term. An adjustable-rate mortgage (ARM) has an interest rate that may change periodically, usually after an initial fixed period. ARMs may have lower initial rates but carry the risk of future adjustments.

The mortgage approval process typically takes 30 to 45 days. However, it can vary based on factors such as the complexity of the loan, responsiveness of the borrower in providing required documents, and the current volume of loan applications.

Most mortgages allow prepayment or additional payments. Some loans may have prepayment penalties, so it's crucial to review your loan agreement. Making extra payments can help reduce the loan balance and interest paid over time.