How To Get The Best Interest Rate!
For some reason, there has always been this focus on the “interest rate” — why aren’t we focused more on the “monthly payment” and “affordability” than one small factor in the equation?
There are 2 (ok, 3) things every buyer must understand about interest rates:
1. They are always changing.
2. You are NOT stuck with the same rate forever.
3. You can refinance & cash out your equity later at a different rate and term.
Now, if you really want to get the best interest rate, it’s time to take a look at your credit and explore different rate programs with a lender. The higher your credit score, the lower your interest rate … but did you know rates vary by loan product? Consider looking at the rate of a 15-year or 7-year ARM (adjustable rate mortgage), compared to a 30-year fixed Conventional / FHA.
Reach out if you’d like to talk more about ways you can structure your mortgage and how to get yourself in the best position with your investment — I’m always happy to connect you with my trusted lenders and financial advisors!