5 Ways to Shave .25 Percent Off Your Mortgage Rate
Whether you are planning to purchase a new home or looking to refinance what you already own, these 5 proven strategies will save you a good chunk of change on your mortgage rate. Lenders offer these to both prospective buyers and homeowners alike.
photo courtesy of TheMortgageReports.com
The recent article from The Mortgage Reports highlights 5 strategies for lowering your rate, which include:
Increase your FICO by 1 point - FICO scoring is done in tiers of 19 points, so bettering your score by as little as one point could bump you into a tier to receive a much better rate.
Get at least 4 mortgage rate quotes - Mortgage companies will battle it out for your business. The competition will get you a much lower rate than you initially thought possible.
Close your loan quickly - Your rate is affected by your lock period, so closing sooner rather than later can lock you into the best rate.
Choose the right product - If you are not planning to keep your home for 10 or 20 years, why pay more interest for a fixed 30 year loan? There are better products out there that will save you money!
Buy your rate down -- or better yet, get the seller to do it
Looking for a low rate in the area? Mortgage expert, Patty Davis can answer all the questions you have today!