{"id":8098,"date":"2018-05-02T16:30:22","date_gmt":"2018-05-03T00:30:22","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=8098"},"modified":"2023-03-17T11:31:13","modified_gmt":"2023-03-17T18:31:13","slug":"how-to-get-the-best-mortgage-rate","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/","title":{"rendered":"How to Get the Best Mortgage Rates"},"content":{"rendered":"

If you\u2019re wondering how to get the best mortgage rate, it\u2019s based on your credit score, loan size, mortgage product, the location of your property, and more. Rates also vary from lender to lender \u2014 even for borrowers with the same credit score.<\/p>\n

But if you want a shot at the best rates for your situation, we\u2019re here to help.<\/p>\n

Here\u2019s how to get the best mortgage rate:<\/b><\/p>\n

    \n
  1. Give your credit score a boost<\/a><\/li>\n
  2. Save up a solid down payment<\/a><\/li>\n
  3. Keep your income steady (or increase it)<\/a><\/li>\n
  4. Consider an ARM or 15-year mortgage<\/a><\/li>\n
  5. Look at first-time homebuyer programs<\/a><\/li>\n
  6. Consider paying points<\/a><\/li>\n
  7. Compare multiple lenders<\/a><\/li>\n<\/ol>\n

    <\/a><\/p>\n

    1. Give your credit score a boost<\/h2>\n

    \u201cCredit score and loan-to-value ratio are probably the two most important factors in getting the best rate.\u201d -Michele Skipper, Senior Loan Officer and a Credible mortgage expert<\/p>\n

    Improving your credit score<\/a> is one of the best things you can do to improve your interest rate. It also can increase your chances of getting a loan<\/a> in the first place.<\/p>\n

    Even just a small boost in your credit score<\/a> can make a big difference, too. Take a look at the recent rate data from FICO<\/a>. If you had a score of 659 and were able to bump it up to 680, you could shave more than 0.60% off your interest rate.<\/p>\n

    Here are some quick and easy ways to improve your credit score:<\/p>\n