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Getting The Best Interest Rate
Possible
“I WANT
TO TAKE ADVANTAGE OF THE LOW INTEREST RATES. HOW CAN I MAKE SURE I GET
THE BEST POSSIBLE RATE? THE RATES HAVE BEEN FLUCTUATING A LOT LATELY.”
To say
that interest rates have been fluctuating a lot is quite an
understatement. Back on January 22nd, the interest rate on a 30-year
fixed-rate mortgage plunged to just under 5.2 percent—but not for very
long. The very next day, interest rates began increasing again and
haven’t stopped since. Although you might not want to count on rates
falling that far again anytime soon, you can take steps to ensure you
lock in at a good rate, even if that rate is available only for one
day. Start preparing now so that you don’t have to go through a mad
scramble at the last minute. Make sure your finances are in order and
your credit is good. Talk to your mortgage professional about getting a
pre-approval and about when and how you can lock into a rate. They can
also give you excellent advice on how mortgage rates are trending in
both the short term and the long term. If you’re just looking to
refinance your current mortgage rather than buy a new home, tell your
lender what interest rate you’re looking for and then give them
permission to lock you into that rate. The key to getting the best
possible rate is to be proactive and to be ready. ∆ |
