How to Get a Better Interest Rate
We all want to get a better mortgage rate when it comes to buying a home. Here are some simple steps to getting a lower mortgage rate:
Wait on the Market!
1: Simply wait for rates to fall. Talk to your lender about locking in an interest rate as soon as they drop. Rates tend to fluctuate a great deal even day by day. Keep your eyes on the market and get locked in as soon as you see a rate you are aiming for. Also ask your lender to give you the option to drop to a lower rate if they do drop lower.
Be Credit Wise!
2: Check your credit! If you’re losing out on a lower rate based on your credit scores, be sure to look at your report closely. Dispute any thing that doesn’t look right or needs to be removed. If you have credit that needs to be repaired read our article on credit repair or talk to our preferred lender Nancy Lumbey with Westerra Credit Union 303-329-4572.
Paying for Points!
3: Consider paying for points. In banking terms, a point is an upfront fee equal to 1% of the total mortgage amount that you’d pay in order to lower the ongoing interest mortgage rate by a fixed amount (usually 0.125%). Paying for points usually makes sense if you plan to keep your loan for a long time because you’ll end up with a lower ongoing interest rate.
Watch our Video for a few more ideas!
Call me today to discuss any questions you might have about rates, points and mortgages. 303-898-9000! Email me at firstname.lastname@example.org!