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5 Quick Tips on Getting the Best Mortgage Rate When Buying a Home!

10/10/2015

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Photo: https://c2.staticflickr.com/8/7068/6869769579_be67cbcda2_b.jpg
Getting the best possible rate on your mortgage is a key part of the home buying process. Even a slightly lower rate could save you thousands of dollars over the life of a loan.

When you begin considering a home purchase, start keeping an eye on mortgage rates. They tend to fluctuate based on federal interest rates, bond prices and what’s going on in the housing market. 

Lenders start with the par rate, then look at your risk profile to determine what rate they will offer you—usually based on a combination of the following factors:


  • Credit score – This is the first and biggest factor a lender considers. The better your credit score, the better rate you can get. It takes an excellent score—usually 740 and above—to get the best possible rate. Learn more about credit scores.

  • Down Payment – The more money you have to put down, the less risk a lender will associate with approving a loan for you, which could qualify you for a lower rate.

  • Loan terms – In general, a shorter loan term will let you secure a lower interest rate.

  • Loan to Value Ratio (LTV) – This is the difference between the loan amount you are requesting and the appraised value of the home you’re purchasing. The higher the LTV, the higher the rate.

  • Points – Lenders allow you to pay points in order to get a lower interest rate. Typically, each point represents 1% of the loan amount.
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Brian Fitzburgh, Broker/Owner
Cell: (818) 571-9712
Office: (424) 625-0747

Team@BrokersTrust.com
2019 Zillow Premier 5 Star Agent in Los Angeles. Parrish Ave., Los Angeles, CA. CalDRE# 01411131. Copyright © 2019 Brokers Trust Real Estate Group. All Rights Reserved.
  • Home
  • About Us
    • Upcoming Events
    • Fitzburgh Realty Team >
      • Juan Loza Handyman
    • Brians Resume | Sellers
    • Brians Resume | Buyers
    • Testimonials
  • Homes Fur All
    • Bark & Meow Fan Club
    • Concerts in the Park >
      • Concerts in the Park Photos
    • Eagle Rock Bark >
      • ERB Walk At The Bark
      • Eagle Rock Bark 2017
      • Eagle Rock Bark 2018
      • Eagle Rock Bark 2019
    • Glassell Bark >
      • GB Walk At The Bark
      • Glassell Bark 2017
      • Glassell Bark 2018
      • Glassell Bark 2019
    • Glassell Park Easter Egg Hunt
    • GLASSELL PARK TREE LIGHTING >
      • XMAS TREE LIGHTING 2017
      • XMAS TREE LIGHTING 2018
    • Growing Caring Sharing News
    • 4 Weeks 4 Life
    • Fostering Resources
    • Pet Food Drive
    • Pet Resource Guide
    • Pet Adoption Hall of Fame
    • Spread The Word
    • Super Party >
      • Super Party Photos
  • Search Homes
    • Search Featured Listings
    • Neighborhoods
    • Search MLS
    • Recent Sales
  • Resources
    • First Time Homebuyers >
      • Credit Score
      • Down Payment
    • Get Your Loan Pre-Approval
    • Request a Free Market Analysis
    • Mortgage Calculator & Rates
    • How Much House Can I Afford
    • Real Estate Market Trends
    • Neighborhood Search Tools
    • MLS Activity Alert
    • Client Documents & Calendar
    • FAQ
  • Brian's Blog
  • Videos
  • News
  • Contact us
    • Coverage Area