Getting the best mortgage rate is not an easy process to go through. However, we have some tips you can take to ensure that you are getting the best possible mortgage rate.
Below are 4 tips to get the best mortgage rates:
Start Preparing Early
If you’re looking for a home right now, getting your finances in great shape may be tough. On the other hand, if you’re just thinking ahead, read closely.
Arguably the most important use of your credit score is for your mortgage. Before you’re even considered for a mortgage, conventional lenders will look for a credit score of at least 700. FHA loans come with more relaxed standards but in general, you need outstanding credit.
If you do qualify, a 20-point difference in your score could move your rate up or down more than 0.5% – nearly $12,000 in our example above.
Second, save up! The more you can put down, the lower your mortgage payment and the less interest you’ll pay over time. A higher down payment could even mean a lower interest rate. Coming up with a 30% down payment could drop your rate more than 0.5%. Source: http://ift.tt/1BJtkOh
Get All the Information Upfront
If you’re dealing with a broker, ask if there are any broker or commitment fees.
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