Mortgage FAQ: How Can We Ensure that We'll Get a Good Mortgage Rate?
December 9, 2018
"WE’RE PLANNING ON BUYING A HOME IN 2019. WITH THE INTEREST RATES RISING LATELY, IS THERE ANYTHING THAT WE CAN DO NOW TO ENSURE THAT WE GET A GOOD RATE WHEN WE APPLY FOR OUR NEW LOAN?"
Interest rate hikes can happen without warning as fluctuations in rates occur constantly—not only from week to week, but also from day to day. If you’re looking to buy next year, there are steps you can take now to ensure that you get the best rate possible. The most important thing that you can do now is to improve your credit. The better your credit is, the better rate and terms you’ll get on your new mortgage.
Unfortunately, you can’t control interest rates, but you can control your credit and credit score. Start working on your credit now because improvement won’t happen overnight. Also, make sure to talk to your mortgage professional as soon as possible about your plan to buy next year and about when and how you can lock into your interest rate (including how far in advance they’ll allow you to lock in). Your mortgage pro can also give you excellent advice on how mortgage rates are trending in both the short term and the long term, which may give you a better idea of when your target purchase date should be.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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