I am sure you have heard over and over how incredibly low mortgage interest rates are right now. (In fact, you have probably heard this more than once from yours truly. Remember a couple of months ago when I highlighted how much a change of one point in your interest rate can save/cost you [in this blog post]?)
At any rate (no pun intended), some buyers are surprised to find that when they speak with their lender about getting pre-approved to purchase a home, they are quoted a higher interest rate than they expected (or that they have been hearing in the news). The reason for this? The interest rate that a buyer qualifies for is dependent on a number of factors. Therefore, interest rates aren't a "one size fits all" type of thing. However, there are actions that you can take to ensure that you get the lowest interest rate possible.
I found this great article from Inman News, "Meet 4 criteria for best interest rates" that outlines the most crucial factors that lenders are looking for in order to quote you the best possible interest rate! Even if you aren't in the market for a home at the moment, this article is still worth taking a look at, as the financial actions you take now can impact your purchasing power for quite a while!
If you are thinking of purchasing a home, and haven't yet spoken with a lender about getting pre-approved, feel free to contact me and I would be more than happy to put you in touch with a fabuous local lender!
-Jamie Wright, Realtor