![]() But the higher your score, the better your rate will be. Many lenders require a minimum credit score of 620 to receive a mortgage. Rates should stay low for a while, so you probably have time to save more. But the higher your down payment, the lower your rate will likely be. With a conventional loan, you may be able to put down as little as 3%. Here are some tips for landing a good interest rate on your mortgage: How to get a low interest rate on your mortgage Shop around for a lender that will offer the best interest rate and charge relatively low fees. A different company could offer you a lower rate the second time around. You might end up refinancing with the same lender that gave you your original mortgage, but it's not always the best idea. Mortgage refinance rates are low these days, so it could be a good time to refinance your current mortgage into one with a lower interest rate - especially if the new rate would be significantly lower. ![]() Veterans Affairs mortgage:These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.United States Department of Agriculture mortgage:These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan.You don't need to be a first-time homebuyer to qualify. NoMI Loan: If you're getting a conventional mortgage, you can borrow up to 5% of your mortgage amount for a down payment or closing costs.Score Loan: This program is similar to the HomeAgain Loan, but you can only borrow up to 4% of your mortgage amount.HomeAgain Loan: This loan works similarly to the FirstHome Loan, except you don't have to be a first-time homebuyer. ![]() You must be a first-time homebuyer to qualify for this program. Your interest rate will be 2% higher than your mortgage rate, and you can only apply this loan to an FHA or VA mortgage. FirstHome Loan: Borrow up to 6% of your mortgage amount for down payment or closing cost assistance.If you get a mortgage through a participating lender, you may qualify for one of the following programs from the Utah Housing Corporation: Paying an additional $500 each month would reduce the loan length by 146 monthsīy clicking on "More details," you'll read about how to save money on your mortgage.Lowering the interest rate by 1% would save you $51,562.03. ![]()
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