Getting the best mortgage rate starts with your financial profile. Lenders look at factors like credit score, debt-to-income ratio, and down payment size to determine your rate. A higher credit score (740+), a lower debt load, and at least a 20% down payment can help you secure a lower interest rate. Shopping around with multiple lenders is also key—different lenders offer different rates, and even a small percentage difference can lead to big savings over time.
Beyond personal finances, timing matters too. Mortgage rates fluctuate based on economic conditions, the Federal Reserve’s actions, and market demand. While waiting for rates to drop can be tempting, home prices are still rising, and competition is increasing. If you’re financially ready, locking in a rate now could be a smart move—especially since you can always refinance later if rates drop. At Avanti Way Financial, we’re here to help you find the best mortgage solution for your goals. Let’s explore your options today!
