Mortgage rates change very often, sometimes daily. As you begin to shop for a home and a mortgage loan, it becomes necessary to consider the various opportunities available to you in lender rates. A loan with an interest rate that is just a few percentage points lower than another can save you thousands of dollars over the lifetime of your loan.
Researching mortgage rates starts with understand your credit score and qualifications. Ultimately, you'll get a quote from a lender based on your credit score. Knowing your score, you can then determine which lenders offer the lowest rates:
• Many lenders post current mortgage rates on websites or will offer a rate quote over the phone.
• Consider interest rates for 15 and 30-year loans, as well as other terms that fit your budget.
• Consider loan types as well. Conventional mortgage interest rates are likely higher than FHA or VA mortgage rates. If you qualify for these loan offers, it can save you a substantial amount of money.
Most importantly, once you find a lender offering a low rate, lock it in. You may be able to lock in the rate for 30 or 60 days, giving you the ability to take your time in finding the right home for you. Every lender's rate can differ, making it important to speak to numerous lenders whenever possible.
For help finding your perfect mortgage rate, contact Midland Mortgage today!