How to Get a Better Interest Rate
Want to save money on your next mortgage? This post is for YOU, friend!
With interest rates on the rise, getting the best possible rate is even MORE important than ever — especially since it'll be tagging along for the next, say, 15 or 30 years.
Remember, your interest rate depends on several things, like your credit score, the value of the home, and your debt load. So, if you wanna to save by locking in the best rate (yes, please!), here are three tips you can't afford to ignore:
1. Improve your credit score now. Get your free credit report from AnnualCreditReport.com. Look it over for accuracy and figure out what you need to do to bump it higher, like paying down outstanding balances.
2. Shop around for lenders. Instead of going with the first lender you talk to, contact several and compare your options to make sure you get the best deal. And don’t be shy - let them know you’re shopping around.
3. Boost your down payment. This may be a no-brainer, but the more you put down at the time of closing, the less you’ll pay on the loan. Plus, lenders view higher down payments as less risky loans, which could reduce your interest rate.
The truth is – it IS getting harder to save as rates are on the rise, but there are steps you can take today that will make a difference. Reach out if you'd like to talk more — we are happy to help however we can.
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