Getting the Best Mortgage Rate - MoneyTips

Home Buying, Simplified: 5 Steps with Helpful Resources

Nathan Grant — Tue, 01 Aug 2023 13:51:31 +0000

Buying a home can be overwhelming, especially for first-time buyers. That’s where we come in. We’ve broken down the process into five straightforward steps, including resources to help you complete each one. As the adage goes, “How do you climb Mt. Everest? One step at a time.” 1. Organize Your Finances Your first order of...

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Should I Lock My Mortgage Rate Today?

Andrew Paniello — Wed, 22 Feb 2023 16:03:37 +0000

If you’re considering applying for a mortgage, there are several factors you’ll need to keep in mind. In addition to your mortgage term, closing costs, and other variables, you’ll also need to be mindful of your prospective mortgage rate. Naturally, this leads future homeowners to ask a lot of questions, such as: When I applied...

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5 Tips for Building Credit To Buy a House

Amanda Petersen — Thu, 20 Oct 2022 16:00:44 +0000

For many of us, buying a home is the pinnacle of adulting. There’s just something about owning property that makes most of us feel accomplished – and with good reason! It takes time, effort and preparation to finally get those keys in our hands. And speaking of preparation, one essential step to owning a home...

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Mortgage Par Rates: A Complete Guide

Josh Richner — Thu, 23 Jun 2022 17:10:42 +0000

If you’re shopping for a home loan, you’re likely familiar with the concept of mortgage rates. You probably also know that even a small difference in that number can change the amount you pay in interest over the life of a loan by tens of thousands of dollars. But you may not have heard of...

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What Is an Interest Rate Buydown and Is It Right for You?

MoneyTips Writer — Thu, 02 Jun 2022 14:19:26 +0000

When comparing different mortgages, one of the most important variables you’ll need to consider is the interest rate. Even small changes to the interest rate can have a noticeable impact on your monthly mortgage payment. Use our guide to explore different methods of buying down your mortgage rate to save money. We’ll navigate the benefits...

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What is a Mortgage Float-Down Option?

MoneyTips Writer — Wed, 11 May 2022 15:06:16 +0000

Once you start considering buying a home, the obvious next step is researching and creating a plan. And you quickly find one phrase that seems to proliferate in your search results like a financial-jargon bacteria: interest rate. Interest rates are one of the most important aspects of the mortgage process. They can have a huge...

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What Are Mortgage Basis Points?

MoneyTips Writer — Thu, 03 Feb 2022 18:47:02 +0000

If you’re in the process of taking out a mortgage or just want to know everything there is to know about the home buying process, you’ll want to get familiar with basis points. Basis points can impact your mortgage rate, which will impact how much interest you pay over the life of your loan. We’ll...

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How To Get the Lowest Mortgage Rate

Nathan Grant — Thu, 16 Dec 2021 14:59:26 +0000

For most home buyers, the lower their monthly mortgage payments, the more house they can afford. But your monthly mortgage payments won’t only be based on the cost of your home loan. The loan’s mortgage interest rate will play a direct role in the size of your monthly payment. To get the lowest monthly payment...

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What Are Mortgage Points? Should You Buy and How To Calculate

Andrew Paniello — Wed, 08 Dec 2021 14:58:45 +0000

Have you ever wondered whether you should buy mortgage points? If this is your first time buying a home, we wouldn’t be surprised if you were asking yourself what a mortgage point is. Mortgage points (aka mortgage discount points) are one of several tools buyers can use to decrease the total cost of owning a...

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What Is Debt-to-Income Ratio?

MoneyTips Writer — Mon, 12 Jul 2021 13:30:13 +0000

Thinking about buying a home and getting a mortgage to pay for it? Then you need a crash course in debt-to-income (DTI) ratio. Lenders use your DTI to determine if you’ll be able to afford your monthly mortgage payments. That’s why knowing this powerful percentage can help you get a mortgage. What Is Your Debt-to-Income...

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Mortgage Rate Locks: How and When To Lock In Your Rate

Nathan Grant — Wed, 07 Jul 2021 15:25:18 +0000

Mortgage rates are often very volatile, and changes in mortgage rates can have a major effect on the home buying process. For example, it would be a major bummer if interest rates set by the Federal Reserve shot up during closing, making payments for your dream home suddenly less affordable. Luckily, you can lock in...

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