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Getting a lower interest rate on your home loan can save you a lot of money. On any given day there are a variety of factors that can impact your interest rate such as your loan type, loan term, credit score, and much more. But how do you get a lower interest rate on your mortgage, and how do you know if you should refinance your mortgage?
Here are 3 different ways you can lower your interest rate on your home loan.
Usually taking out a 15-year mortgage instead of a 30-year home loan yields a lower interest rate, plus you’ll end up paying less interest over the life of the mortgage. This will help you save money and build wealth. This is a great option for homeowners looking for debt-free homeownership.
If you’re buying a new house or refinancing your current home, you need to know the importance of your credit score. Those who are focused on debt-free homeownership are often working hard to get their credit score down to zero and may want to refinance with a no score loan. Others may be looking to repair their bad credit and want to focus on getting their credit score higher to qualify for lower interest rate loans. Either way, we’ve got your back and can help you make sense of what score will help you get the best interest rate possible for your situation.
If you’re interested in testing out how different interest rates can affect your overall home loan, check out our mortgage calculators.