Upward-ticking interest rates can cause consumers to kick themselves for not acting earlier to buy or refinance a home.
With the frustratingly fickle nature of mortgage rates, hopeful homebuyers would do well to draw upon the wisdom of the serenity prayer: Accept the things you cannot change and change the things you can.
While you may be powerless when it comes to market forces and ever-fluctuating average rates, you have a great deal of control over the factors that determine your individual mortgage rate. That’s because the loan and lender you choose, along with the financial credibility you build, will play a significant role in the mortgage rate you are offered.
Lower your rate by just half a percentage point and you’ll save tens of thousands of dollars over the life of the loan. Comparatively higher rates, on the other hand, mean higher monthly payments and a slower build-up of equity.
Whether interest rates are headed up, down, or back up again, here are the steps you can take to get the best possible mortgage rate on your home loan.