By Jason Boone
If you’re thinking about buying a home this spring it’s going to be a great time to buy thanks to historically low mortgage interest rates.
Before meeting with your mortgage lender, learn how you can qualify for the lowest mortgage interest rate possible by following these simple tips.
Tip 1 – Check Your Credit Score
When buying a home it’s important to know that you should have a credit score that’s at least 700 or higher.
For the very best mortgage interest rate it’s best to have a credit score that’s 740 since this will help you to qualify for the best mortgage interest rate possible.
Pull your credit report at least 3 months before you apply for a mortgage loan since pulling your credit report multiple times can actually hurt your credit score.
According to Freddie Mac’s weekly mortgage rate survey of more than one hundred banks, 30-year mortgage rates averaged 3.80% last week, marking the fifteenth straight week of sub-4 percent rates; and the 15-year fixed rate mortgage rate averaged 3.07%. (Source: The Mortgage Reports)
Tip 2 – Get Pre-Approved For a Mortgage Loan before House Shopping
If you don’t know how much home you can afford why bother house shopping?
Take the time to get pre-approved for a mortgage loan BEFORE you start shopping for homes just so you know without a doubt the maximum budget you can afford for a home.
Tip 3 – Don’t Make Changes to Your Financial House
Last of all, but most important, once you’ve been pre-approved for a mortgage loan don’t make the mistake of opening new credit accounts or leasing a new vehicle since this will increase your debt-to-income ratio and your could lose your mortgage loan pre-approval.
For more tips on how to get ready to buy a home contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me online.