| Lowering the interest rate on your mortgage just a | | | | Tip #3: Refinance after paying down some of your |
| couple of points can save you $1,000s in annual debt | | | | loan: If you are able to apply some of your savings to |
| payments. Here are 4 tips for getting a lower rate. | | | | your mortgage, this will get you a better rate than you |
| Tip #1: Use an online service to compare rates: If you | | | | have now. This is because your loan-to-value ratio will |
| already have a mortgage and are looking to refinance, | | | | improve. In other words, you will be borrowing less |
| start by asking your current lender if they are willing to | | | | money relative to what your home is actually worth; |
| refinance your mortgage at a lower rate. Whether or | | | | this fact will almost surely result in your qualifying for a |
| not you currently own a home, be sure to take | | | | better interest rate. |
| advantage of any of the available online sites that | | | | Tip #4: Improve your credit score: If your credit score |
| allow you to compare mortgage rates from multiple | | | | is too low to qualify for better interest rates, there are |
| lenders. Pay attention to all of the relevant details | | | | concrete steps you can take to improve your score. |
| rather than just judging the lenders based upon their | | | | Even an improvement of 50 points can save you |
| interest rates alone. | | | | $1000s annually in debt payments. Start by pulling your |
| Tip #2: Keep track of changes in national housing | | | | free credit report (go to Annual Credit Report Request |
| rates: The national housing rates fluctuate frequently. | | | | Services online) and find out your score. Then, take the |
| Before rushing into a mortgage, spend a few months | | | | necessary steps to improve your score. |
| tracking the rates to get a feel about which way they | | | | You can qualify for better mortgage interest rates by |
| are trending. If they are on their way up, it may be a | | | | shopping multiple lenders, keeping your eye on national |
| good idea to borrow now. If not, you might want to | | | | housing rates, refinancing after paying down some of |
| wait a while. While nobody can predict where rates will | | | | your existing mortgage, and improving your credit |
| go, staying on top of current rates will give you an | | | | score. |
| edge in terms of the timing of taking out a loan | | | | |