We are seeing the lowest mortgage rates in American history. Incredible opportunities are being afforded to millions of existing and would-be homeowners. Whether you're looking to refinance or purchase a home, today might represent a historic opportunity to save a lot of money by locking in on the best program and rate.
Here are a few tips to getting the best mortgage program for you:
Keep your credit healthy: There are many factors that go into qualifying for a mortgage, however, the number one thing lenders look at is your credit history and score. How you've paid your debts is a determining factor of what loan type and interest rate you can receive.
Compare your options: Your loan officer can help search for the best interest rates and programs based on your credit profile and needs. Rates will differ from program to program and will depend on credit score and payment history, proof of income, equity in your home, down payment, and employment history.
When to lock or float: One of the biggest values your loan officer can provide is market intelligence. There are many tools they have available that provide this information. More importantly, understanding the underlying reasons "why" rates are moving in either direction is how they are able to gauge where interest rates are headed and for how long. This knowledge can be crucial in determining when to float or lock your rate.
Bottom line: Keep your credit as good as you can and work with your experienced loan officer to compare mortgage options and lock in on the best program at the right time.