If you are in the market to buy a new home in Delaware, mortgage rates are likely on your mind. You might be wondering how to get the best mortgage rates in Delaware or what the best mortgage rates are today, in general. While you’re not always guaranteed a great mortgage rate for your home loan, there are some things you can do to help your chances.
Save, Save, Save
There is nothing that looks better to mortgage lending companies than a large amount in your savings account. Once you make the decision to purchase a home, you should increase the amount of money you put into your savings account when you can. This will help you get a better mortgage rate because the lender will consider how much you have in savings and calculate how many mortgage payments that amount would cover, so the more money the better. The larger the savings account, the more likely the lender is to approve your loan and give you the best mortgage rates, due to the fact that you appear to be financially stable.
Consider a Bigger Down Payment
The recommended down payment on any home is at least 20%. Getting to 20% of the value of a home can be difficult, but it is well worth the effort. It’s one of the better ways to get the best mortgage rate. Also, the 20% will help shave off a good amount of your total loan amount, and decrease your monthly mortgage payment to a more manageable sum.
Improve your Credit Score
Another way to get the best mortgage rate in Delaware is to improve your credit score. A good, solid credit score lets mortgage lenders know that you are financially stable and responsible, and the more likely they are to approve a mortgage loan for you and give you a good rate. There are several ways in which to improve your credit score. Start paying off more of your credit card debt so that you can bring down the total amount you owe on each card. Eliminating credit card debt is a sure way to improve your score. Also, be sure to always pay your monthly bills on time. Credit card lenders charge you a fee when late, and your credit score is dinged every time you have a late payment. Use your calendar or set a reminder on your phone each month to pay your bill. You can even pay the bill a few days early for good measure.
Hopefully, these tips will help you improve your financial profile and lead you to get the best mortgage rate for your new home loan in Delaware!
Highland Mortgage has a team of professionals waiting to help you get a mortgage you can afford. Contact them today to get started on the road to owning your dream home.
The team of professionals at Highland Mortgage is ready to help you on your home buying journey. They can assure that you have the best possible home buying experiencing on every level.
Contact the experienced professionals at Highlands Mortgage. We are a mortgage brokerage firm in Delaware, and will help you find the best mortgage rates around so you can buy the home of your dreams.