Buying a house is the biggest financial decision you’ll make in your lifetime, it can also be one of the trickier ones if you are not sure about what you need to do to get the best possible deal and there are several factors you need to consider, from your down payment and credit score to your long-term savings needs, and even where you plan on living once you are married and starting a family.
If you’re looking for ways to get a lower mortgage rates regina, then keep reading; in this blog article, we will discuss different things that can help lower your monthly mortgage bill, let’s take a look at how rates can affect your monthly mortgage payment and which types of mortgages might be right for you.
Types of Mortgages That Can Help You Get a Lower Rate
- Traditional 30-Year Mortgage: A 30-year mortgage allows you to lock in a fixed rate on your home loan, your payment should stay roughly the same, even if interest rates rise in the future.
- 15-Year Mortgage: Like a 30-year, a 15-year mortgage will also give you the option of financing your home at a fixed rate, however, the loan is shorter than a 30-year which means the interest rate will change more often, so it’s not a good option if you expect to be in your house for a long time.
- 10-Year Mortgage: A 10-year mortgage has a fixed interest rate, but it’s also adjustable, the interest rate on your loan will go up every year based on the market and this means you could end up paying a lower interest rate today, increasing rates will increase your costs.
Tips to get a lower mortgage rate
- Shop Around: Before you sign a contract, make sure you compare rates from different lenders, be sure to look at the rates for an identical mortgage from different lenders to see if you can find a lower one; get multiple estimates from different lenders and make sure you take their advice with a grain of salt because lenders are not required to give impartial advice.
- Show Your Credit Score: Your credit score can help lenders see how reliable you are, a high credit score means that you’re likely to pay back your loan and pay it on time whereas a good credit score can lead to a lower mortgage rate- make sure all your payments are on time and that you keep up with your other loan obligations like utilities, phone, and the internet.
- Add Additional Assets to Your Mortgage: If you have extra money saved or property worth putting toward your mortgage, you can look for a lender that will accept this as collateral- this can help you get a lower rate.
Mortgage rates are constantly changing, so it’s important to know how to negotiate with lenders to get a lower rate on your mortgage, if you’re looking for ways to get a lower mortgage rate, we’ve got you covered; keep in mind that rates are always changing, so this list might be different each month and that’s why it’s important to stay on top of your mortgage rate and make sure you’re getting the best deal possible, and that being said, there are a few things you can do to help lower your monthly mortgage bill and by shopping around, showing your credit score, and adding additional assets to your mortgage, you can get a lower rate on your mortgage and get into your dream home sooner.