With interest rates on the rise, getting the best possible rate is even MORE important than ever — especially since it'll be tagging along for the next, say, 15 or 30 years.
Remember, your interest rate depends on several things, like your credit score, the value of the home, and your debt load. So, if you want to save by locking in the best rate here are 3 tips to follow:
- Improve your credit score now. Get your free credit report from AnnualCreditReport.com. Look it over for accuracy and figure out what you need to do to bump it higher, like paying down outstanding balances.
- Shop around for lenders. Contact several lenders and compare your options. And don’t be shy - let them know you’re shopping around.
- Boost your down payment. The more you put down at the time of closing, the less you’ll pay on the loan. Plus, lenders view higher down payments as less risky loans, which could reduce your interest rate.
