5 Ways to Get a Better Interest Rate

Don’t make this mistake! ❌

Many people rush into buying a home and securing a lender. While there’s nothing wrong with that, you might not get the best interest rate if you don’t follow these tips. There are many ways to get a lower interest rate that can help you save money in the long run! Make sure to explore these options before buying a property:

1. Shop around for different lenders as they may offer distinct loan products, each with their own rates and fees.

2. Improve your credit score before buying a home. No matter what type of loan you plan to get, you’re more likely to get a better interest rate if you have a higher credit score.

3. Buy mortgage points to lower the interest rate on your loan. Mortgage points are fees you pay directly to your lender in exchange for a reduced interest rate on your home loan.

4. Consider paying a higher down payment. When you put down a higher percentage of the purchase price, you are lowering the loan-to-value (LTV) ratio for the home.

5. Lock in your interest rate to avoid any increases before you close your home.
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