07/04/2023
1. Credit Scores
Increasing your credit score can give you better financing terms and a lower rate.
(No Additional Cost)
2. Loan Types
Different loan types have different perks and eligibility requirements. Ask your lender if you can qualify for multiple programs & which program is best for you.
(No Additional Cost)
3. Loan Terms
Interest rates tend to be lower for 15 year vs. 30 year mortgages.
(No Additional Cost)
4. Discount Points
If you have extra funds available, you can consider discount points. This is a one-time fee and lowers your rate for the term of your loan.
(At Additional Cost)
5. Rate Buydown
Buydowns lower the interest rate for a buyer for a period time, and they are paid for buy the seller.
On average, buydowns lower interest rates for 1-2 years.
(At Additional Cost - To the Seller)