Finding a low-rate mortgage loan with the terms you want can be overwhelming, especially if you don’t know where to look. Luckily, GOBankingRates conducts surveys and posts articles to help you find the best loan rates in your state.
On our site, you’ll find helpful mortgage reviews from banks, credit unions and other lenders, as well as studies showing the states and cities with the best loan rates. So whether you’re buying your first owner-occupied home, an income property or a flip, we’ve got the information you need.
Securing a Low Rate
While your local economy might affect your rates in a way you can’t control, there are a few ways you can work to lower your interest rate.
1. Provide a solid down payment. The more you can put down, the more lenders will trust your investment in the loan, and you’ll be more likely to be rewarded with lowered rates.
2. Maintain high credit. Keeping your credit score high will prove to lenders that you are a dependable borrower, and they will most likely reflect their trust in you with a lower rate.
3. Refinance your existing loan for a lower rate. If you acquired a loan for a rate that is higher than the current rate, you should consider refinancing. If you can get a lower interest rate, your monthly payment can be reduced, and you might find you have more equity than you originally thought.
For more helpful tips on finding the best home loans in your area, browse GOBankingRates’ mortgage reviews.