Locking in a great interest rate

When thinking through the home buying process, one important aspect people must consider is the rate on their home mortgage loan. It can be scary to watch rates climb or to feel paralyzed by confusion and misinformation. At MidState Mortgage, we’re here to walk you through the lending process, reassuring you that you are getting the best rate possible. 

Here are a few factors that play into getting a great rate for your mortgage: 

• Credit: Your credit score can affect the rate that you receive for a home loan. It’s best to know your score before applying for your loan. That way, you’re able to check your report for any errors and if need be, you have time to dispute before beginning the home hunting process. 

• Down Payment: In general, a larger down payment means a lower rate for your loan. If you have the ability to put down 20% or more, do it! This shows lenders that you are a lower risk. 

• Interest Rate Type: Rates come in two types: fixed and adjustable. Fixed rates stay the same and don’t fluctuate with market price, while adjustable rates do. 

• Loan Types: Another important aspect that plays into your rate is the type of loan you receive.  Rates can be significantly lower depending on what type of loan you’re eligible for, so be sure to research what works best for you and your family! 

Interested in discussing mortgage loans and rates? We are here for you! Let us help you get the perfect mortgage.