How to Find the Lowest Mortgage Interest Rate
When it comes to getting a mortgage or refinancing, securing the lowest interest rate is essential. But getting the lowest rate isn’t always easy, so here are 3 tips that will help you get the lowest mortgage interest rate.
- Choose a Shorter Loan Term
- Pay Discount Points Upfront
- Find the Right Mortgage Company
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Apply Now3 Tips to Finding the Lowest Mortgage Interest Rate
1. Shorter Loan Term
A shorter mortgage term typically comes with a lower interest rate because monthly mortgage payments are spread over a shorter time than a longer-term mortgage.
2. Pay Discount Points
Discount points, also known as mortgage points, are fees directly paid to the lender.If you plan on owning your home for a while, the more points you pay upfront, the more you save on interest.
3. The Right Mortgage Company
Mortgage interest rates can differ depending on the lender and bank, but the right mortgage company will work with multiple lenders or banks to find you the best loan option for your needs.
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