Who gets the best mortgage rate?
If you're looking for a mortgage, you'll want to get the best possible interest rate to ensure you're getting the most affordable payment plan and optimal cash flow. Whether you're buying your first home, investing in real estate or refinancing your existing mortgage, it's important to understand that the interest rate you're offered will depend on a number of factors. But no matter what your life situation is, there are ways to increase your chances of getting a low mortgage rate qualifying for the best deal fast.
One key factor that affects your mortgage rate is your credit score. Lenders use your credit score to determine your level of risk as a borrower, and a higher score generally means a lower interest rate. If you have a low credit score, take steps to improve it before applying for a mortgage. Pay down debts, make payments on time, and dispute any errors on your credit report.
Another factor is the type of mortgage you're applying for: first mortgage, first time buyer mortgage with incentive, investment purchase, private mortgage, 2nd equity loan or reverse mortgage. Fixed-rate mortgages offer a set interest rate for the life of the loan, while adjustable-rate mortgages can fluctuate over time. 2 years fixed mortgage rate is the most trending loan for the first mortgage. Your loan term will also affect your interest rate. Shorter loan terms generally come with lower rates, but higher monthly payments.
Your employment and income history will also be taken into consideration. Lenders want to see steady employment and a consistent income to ensure you can make your mortgage payments. If you're self-employed or have irregular income, you may need to provide additional documentation to prove your ability to pay. It's the biggest misconception that Self-Employed professionals can't qualify for a loan. Apply to our Best Rate Quiz today to see what you qualify for. No Hard sales, no obligations.
Finally, consider comparing rates. The best strategy is to work with the mortgage broker like Katie Shen and get you best mortgage interest rate approved fast. Each lender will have their own criteria for setting mortgage rates, so you may find a better rate with one lender over another. Katie Shen has proven track record of success to get you the rate you need to afford the lifestyle you deserve.
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Katie's clients show successful track record of getting best interest rates, optimized mortgage solutions and reduced monthly payments.
01
How Katie Shen can help me?
Katie's clients show successful track record of getting best interest rates.
Katie's clients show successful track record of getting best interest rates, optimized mortgage solutions and reduced monthly payments.
02
What Katie Shen does different than my bank?
You can't know that you have the best offer until you compare.
Katie's clients show successful track record of getting best interest rates, optimized mortgage solutions and reduced monthly payments.
03
How Katie Shen is different from other brokers?
Trust is earned when actions meet words.
Katie's clients show successful track record of getting best interest rates, optimized mortgage solutions and reduced monthly payments.
04
What do I commit to if I work with Katie Shen?
No hard sales. No obligations required.
Industry updates
Industry updates
2023 budget mortgage relief programs - market update
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