Mortgage rates can change sometimes, kind of like the weather! This is because they're affected by things like the 10-year Treasury note (think of it as a big savings account for the government) and what the Federal Reserve does.
The good news is you have some control over your mortgage rate! When lenders look at your loan application, they consider your credit score and financial history to see how likely you are to repay the loan. The stronger your credit, the better rates you might get.
Here's our best tip for getting a great mortgage rate: shop around! Compare rates from a few different lenders, just like comparing prices at different stores. This way, you can find the loan that fits your needs perfectly.
Some lenders even let you lock in a rate when you apply. This means you get the rate you see, even if rates go up before your loan closes. And if rates go down? Some lenders let you "float down" to the lower rate!
By shopping around and understanding a little about rates, you can find the perfect mortgage for your new home!
Be sure to contact some of our trusted Mortgage Advisors found in the link below:
Business Partners Let’s ConnectEstimate your monthly mortgage payment, including the principal and interest, property taxes, and HOA. Adjust the values to generate a more accurate rate.
There is no reward in this business comparable to successfully guiding people through the sometimes-daunting process of buying and selling a house.
Let's ConnectCompass
8204 Germantown Avenue Philadelphia, PA 19118
