How to get The Best Interest Rate on your Mortgage? FHA, USDA, VA, Conventional, HARP Home Loans - www.GoSkylineDirect.com

How To Get The Best Interest Rate?



Qualifying for the best rates:

Interest rates are determined by multiple factors. Interest rates change daily, even hourly and are mostly controlled by your credit score. If you have good credit you will likely qualify for the market's best interest rate. If your credit has some bumps and bruises, you will likely still qualify but you will pay a slightly higher interest rate.

The following factors help to determine the interest rate you may qualify for on a purchase loan:

  • Your current credit score and previous credit history. (For every 20 points in your FICO score rates go up or down)
  • Your last 2 years of income history. (Your debt to income ratio "how much income is coming into your household versus how much will be going out on a monthly basis")
  • Your previous job history. (You must have ability to verify a good pattern of working and/or going to school in the same employment field.)
  • Your down payment amount will determine your home's initial loan to value. (ex: No money down, 3.5%, 5 % or up to 20%). The amount of down payment usually will determine the original amount of equity you have.)

The following factors help to determine the interest rate you may qualify for on a refinance:

  • Your current credit score and previous credit history. (For every 20 points in your FICO score rates go up or down)
  • Your last 2 years income history. (Including your new forecasted debt to income ratio — “how much income is coming into your household versus how much will be going out on a monthly basis, after the refinance”)
  • Your previous job history. (You must have ability to verify a good pattern of working and/or going to school in the same employment field.)
  • Your current mortgage payment history. (The mortgage holder will be asked to verify the timeliness of your monthly payments.)
  • Your home’s current loan to value. (The unused equity left after borrowing against the value).
  • The number of days until you can sign the new loan documents. (Typically, the faster you go, the lower the new rate that can be locked in for you.)

Are you ready to move forward with a purchase or refinance? Please give us a call at 888-810-1459 and let us help you secure financing for the purchase of a new home or save you money on the refinance of your existing home. Be sure to ask your loan officer about our closing costs incentives and our low rate guarantee!


Disclaimer: The information contained in this article has been prepared by an independent third party and is distributed to consumers for educational purposes only. The information is considered reliable but not guaranteed to be accurate. The opinions expressed in this article do not represent the opinions of Skyline Home Loans. Please consult with a licensed loan officer for expert advice regarding financing or refinancing a home.