Tips For a Better Interest Rate

Want to save money on your next mortgage? This blog 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, unless interest rates improve, and we refinance your loan.

Remember, your interest rate depends on several things, like your credit score, the value of the home, and your debt load. So, if you want to save by locking in the best rate (yes, please!), here are three tips for a better interest rate you can’t afford to ignore:

1. Improve your credit score now. Get your free credit report from www.annualcreditreport.com. Look it over for accuracy and figure out what you need to do to bump it higher, with things like paying down outstanding credit card balances to 45% or less of your outstanding limit, settle collections accounts (but only if creditor agrees to delete from bureaus once paid in writing), or maybe add yourself to a family members card as an authorized user to a credit card that’s been paid on time.

2. Find a lender (such as myself) who is knowledgeable and will work with you to help you improve your credit score and find a competitive rate. We work with 50+ wholesale lenders and my goal is to find you the absolute best rate and loan program.

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 and help you get rid of that dreaded mortgage insurance premium (with 20% down Conventional Financing). Loan programs such as VA home loans do not carry any mortgage insurance (MIP).

Reach out with any questions, I’m always here ready to help provide you tips for a better interest rate and a great loan product.