06/15/2022
📣Secrets to getting the lowest mortgage rate possible for you
1️⃣ Raise your credit score as much as possible, the higher your credit the better your rate
2️⃣ Pay down your debt. Lenders divide your total monthly debt by your gross monthly income and typically favor a ratio of 43% or less
3️⃣ Save for your down payment. Making a larger DP will afford you a better rate since the lender is assuming less risk
4️⃣ Lock in the rate. Locking in early means your rate can't increase & you will be spared from paying a higher rate if they go up
5️⃣ Apply for a shorter loan term, if you can pay your loan off faster at a higher payment, you will pay a lower rate
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