How to Get Low Home Mortgage Interest Rates
Getting a low home mortgage interest rate is possible by being one of the best qualifying customers, which requires paying bills on time, having a high credit score and having job stability. Get the best mortgage rate possible with advice from an experienced mortgage broker in this free video on personal finance.
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Hi, this is Matt McKillen with Innovative Financial Group. A question posed by one of my customers today was how do I get one of the best low mortgage rates. The best rates that are available out there are for the best qualifying customers. Probably some of the things you need to focus on in order to qualify for that lowest possible mortgage rate is number one, keep your bills paid on time. The lenders are all tiering their pricing based on credit scores, and amazing as it sounds, someone that has a six fifty, six sixty credit score is going to pay a little bit higher rate than someone who has maybe a seven forty or higher. So, the first thing they look at, is they look at how have you been paying on your other debts, and how high is your credit score. Another thing the bank looks at is job stability. They're going to make a more qualified loan decision and give their best rate out to someone who has some stability on their job, whether they've owned their own business for some years, or if they've been on an existing job for at least two or three years, that person will more than likely qualify for a stronger rate than someone that maybe perhaps has changed jobs a couple of times in the last year to eighteen months. These are just a couple examples of how to help qualify for the best mortgage rate from your bank. Again, my name is Matt McKillen, I'm with Innovative Financial Group.