{"id":5587,"date":"2020-12-17T09:00:57","date_gmt":"2020-12-17T14:00:57","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=5587"},"modified":"2021-01-25T08:54:13","modified_gmt":"2021-01-25T13:54:13","slug":"five-ways-to-get-the-best-rate-on-your-mortgage","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2020\/12\/17\/five-ways-to-get-the-best-rate-on-your-mortgage\/","title":{"rendered":"Five Ways to Get the Best Rate on Your Mortgage"},"content":{"rendered":"

There are numerous factors that go into the rate of your mortgage loan. In fact, you may have done something today that will either help or hurt your chances of landing a great rate. Don’t guess how to prepare. Instead, take charge with these five ways to get the best rate possible on your mortgage loan.<\/p>\n

\"\"<\/p>\n

Tend to Your Credit Score<\/strong>
\nOne of the easiest ways to be on your way to a great mortgage rate is by keeping your credit score over 760. Happily, you don\u2019t need to make a bunch of money to do this. You DO need to make all payments on time every month, avoid high balances on your credit cards, and don\u2019t apply for too much credit. Check your credit report every six months for\u00a0errors, and if you see any, dispute them with the bureaus.<\/p>\n

Keep Your Job<\/strong>
\nFew lenders want to lend\u00a0money to people who have no way of paying it back. If you\u2019re employed, stay that way. Hopefully, you can show two years at the same job and a steady income from one month to the next.<\/p>\n

Stash Money for a Down Payment<\/strong>
\nA hefty down payment equals a greater number of options for you, with some of them being more financially attractive. In addition, if you don\u2019t have a large enough amount of the home\u2019s value to pay down, you\u2019ll probably have to pay private mortgage insurance (PMI), which adds a significant amount to your monthly payment. Find ways to save money out of every paycheck, and consider working overtime or getting a temporary part-time job to make your savings grow quicker.\u00a0No need to worry if you don\u2019t have anything to put down, there are programs that offer 100% financing!<\/p>\n

Shop Around<\/strong>
\nSome lenders may offer loan programs that others don\u2019t. For example, VA loans or USDA TN<\/a> loans might be the best options for you \u2013 but they can\u2019t help you if the lender you work with doesn\u2019t sell them. Talk to more than one lender to find out which of the mortgage loans you qualify for will offer you the best rate.<\/p>\n

\"6<\/p>\n

Understand Your Options<\/strong>
\nYou may initially think you\u2019ve found the right loan, but make sure you understand everything involved. This means knowing the difference between fixed and variable rates, the loan requirements, availability, and the length of the loan. Looking closely at all this information against your income and need will assist you in making your best decision.<\/p>\n

Getting the best rate on your mortgage loan is important to your budget, so you should make every effort to do it. By doing some of this legwork on the front end, you will be able to know and understand your options \u2013 and choose wisely.<\/p>\n

Are you in the market for a mortgage loan and want to review your options? Call MIG today<\/a>! We have professional loan officers standing by to answer your questions, as well as a wide variety of loan programs available.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are numerous factors that go into the rate of your mortgage loan. In fact, you may have done something today that will either help or hurt your chances of landing a great rate. Don’t guess how to prepare. Instead, take charge with these five ways to get the best rate possible on your mortgage … Continue reading Five Ways to Get the Best Rate on Your Mortgage<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5583,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"class_list":["post-5587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"yoast_head":"\nFive Ways to Get the Best Rate on Your Mortgage - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2020\/12\/17\/five-ways-to-get-the-best-rate-on-your-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Ways to Get the Best Rate on Your Mortgage - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"There are numerous factors that go into the rate of your mortgage loan. 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