How do you know if you are getting the best mortgage rate?
Bank profit margins are beyond your control BUT! You might be able to use these tips to help obtain a better rate. Mortgage rates vary according to an individual’s FICO score, so know where a lender’s price breaks fall on the FICO score scale.
For example: Lender’s discounts kick in at a 700 score and you just fall short (maybe 680), consider reducing a credit card balance to bump up your score.
Comparison Shop! Shop! Shop! with as many lenders as possible. Shop banks, credit unions, etc. to get the best rate. Keep in mind, rates may contain varying discount points already built in, so be sure to get a rate with zero discount points. Credit Unions generally have the best mortgage rates.
I work with great mortgage experts who comparison shop and/or provide a “second look” if needed before you commit. Just contact me via email (for quick reply) and I’ll be happy to provide you with referrals.
Visit mortgage products and rates for more information.