Shop for mortgage rates tips | Mortgage Rate Shopping [2022]

Shop for mortgage rates tips | Mortgage Rate Shopping [2022]

Hey guys welcome back to the channel thank you so much for tuning in as always it is so greatly appreciated this video today is on mortgage rate shopping so if you would like to know how to shop for mortgage rates and get the best deal for you then stay tuned till the end of this video this is your one-stop shop for anything and everything a mortgage education i’m

Stephanie weeks and i’m focused on spreading mortgage peace and helping everyone know more about anything and everything mortgages so please be sure to subscribe hit the bell to be notified as i do posted videos every tuesday and saturday i wrote the best-selling book called mortgage peace and i have started this channel to help you with anything and everything

Mortgage education so you can get the best deal the best mortgage the best price the best rate and the best beam mortgage rates shopping and don’t know what to do well tune in to the end of this video because i’m going to teach you the top steps to follow in order to ensure that you get the best rate when your rate shopping for your mortgage but the first thing i

Will talk about today is your credit score the credit score in the mortgage world that is excellent is anything over 740 and when you’re over 740 you fall in the best to your category to potentially get the best industry so the first thing you can do is make sure to keep your credit as good as physically possible goal is to stay above 740 number two the type of

Loan that you’re doing makes a difference on your industry and what i mean by that is are you purchasing or are you refinancing are you refinancing and pulling cash in cash out or you just refinancing to lower your rate so purchases and rate intermarry finances are going to get better interest rates and if you’re pulling cash out of your your home’s equity and

Doing the cash out refinance so purchase or rate in term refinance or two more things you can do to get the best interest rate the third thing you can do the loan term that you choose did you know that you can do 10 15 20 25 or 30 year loans and did you know that typically the sweet spot to get the best possible rate is going to be the 15-year term so my next tip

And get best rate for you is to do a 15 year loan instead of a 20 25 or 30 but only if you can afford it and you’re comfortable the next step what you want to do to get the best possible rate is half as much money down as possible the sweet spot if you will is 30 percent down so few people have that so don’t stress out if you don’t you can still get a great rate

With lower down payments and sometimes even no down payment based on the loan type but generally speaking for talking about conventional loans to qualify for the best here remember over 740 doing a purchase doing a rate in term refinance not a cash out taking a 15-year term instead of maybe a 20 25 or 30 and this tip putting at least 30 percent down if you can

Not don’t stress my next tip for securing your best possible interest rate is the loan type that you choose there’s fha there’s rd there is va and there’s conventional generally speaking the best interest rate is going to be a conventional loan with a large down payment and a great credit score so as far as the loan type if you want to qualify for the absolute best

Rate available that is typically going to be a conventional loan with large down payment so just a quick review remember we have 740 or better credit score we have 30% down if we can do it we have a refinance rate and term not cash out or to purchase those are some of the things that we can do we can take a shorter term like a 15-year instead of longer and those

Are things that we can do to make sure you secure the best possible interest rate what is very important is that most people can’t meet all these things and that is okay you’re still gonna get a great rate but the topic in this video is how to get the absolute best rate and so i want to share this information with you so the cheechee that i have for you today the

Cheap sheet want to have for you today and the links below is your mortgage payment calculator basically the cheat sheet i call it monthly payment calculator cheat sheet anyway the point is is yes everything is important the rate is very important these are very important but for most people what it boils down to is what is the monthly payment and is affordable

I’ve chosen this chichi for the link today because i feel like as long as you figure out where your payment needs to be then you can work backwards to figure out where everything else needs to fall in place if you feel like you know more information about mortgage rate shopping after watching this video please type piece in the comments i would love to hear from

You thank you so much for watching please like the video hit subscribe hit the bell to be notified for the new videos that post check out the other videos i’m going to drop links to here and thank you so much for tuning in today

Transcribed from video
Shop for mortgage rates tips | Mortgage Rate Shopping [2022] By Mortgage Education \u0026 Finance with Stephanie Weeks