Getting the best mortgage rates should no longer be a subject of debate. The question is how we can do it. As you may already know, a great deal on mortgage rates can mean a significant amount of money to save over the life of your mortgage loan. So here are some tips for securing the best mortgage rates in Clearwater, FL:
Assess your credit score. You must check how healthy your credit score is. The higher rating, the better, as it typically translates to better mortgage rates. Thus, review your credit report, and act accordingly. If improvements are necessary, do them before applying for a mortgage loan. You can start by paying the bills on time, reducing credit card balances, and correcting discrepancies or errors in the credit report.
Compare offers from different sources. A mortgage is one of the most important purchases you can ever make; thus, it makes sense you exercise due diligence when making decisions. Do not settle for the first and second mortgage offer you get; consider multiple options. You should shop around and compare quotes from different lenders. It is easier to make an informed decision when there are plenty of options.
Consider putting in a larger down payment. Aside from building trust from your lenders, having a larger down payment can lower your loan-to-value ratio, which may lead to better mortgage rates in Clearwater, FL. It may even eliminate the need for private mortgage insurance.
Choosing a shorter loan term may be a sound option. A 15-year loan term often comes with lower interest rates than a 30-year term option. While it is true that the monthly dues may be higher, you will pay a lesser interest rate over the life of the loan. So, weigh your options; figure out the number and do what the number is telling you.
Are you looking for the best mortgage rates in Clearwater, FL? Homeplus Mortgage can help.