5 Ways to Get the Lowest Mortgage Rates

If you are looking for some of the lowest mortgage rates in North Carolina or South Carolina, First Bank might be able to help. Choosing a mortgage option can be one of the most confusing aspects of the home purchasing process. Especially when you are unsure of how to secure the lowest mortgage rates or best long-term plan to manage your home’s equity.

First Bank offers a range of home loan options, from conventional mortgages to construction loans. We also offer guidance and expertise on all things related to home loans, such as our tips and tricks for keeping mortgage rates low.

Tips for Keeping Mortgage Rates Low

Securing a low mortgage rate isn’t a matter of luck. You can follow these five helpful tips to ensure you get the lowest rate when applying for a mortgage:

Improve your credit score: The best tool in a mortgage shopper’s arsenal is their credit score. Lenders often offer lower mortgage rates to borrowers with excellent credit scores.
Be honest on your application: Filling out your application accurately and honestly can prevent any delays in the application process. There’s also the added bonus of building trust with your lender.
Lower your debt: Your debt to income ratio (DTI) is an important factor when applying for a loan. If your debt is too high compared to your income, you could be subject to higher mortgage rates.
Make a large down payment: The more you pay upfront, the better you will looks to lenders. Making a larger down payment also means you owe less over the life of the loan, which could help you secure a lower rate.
Choose the right loan term for you: If you have a lot of debt, a longer-term loan with lower payments might be a good option. If you can handle larger payments and want to keep interest low, a shorter-term loan could be ideal.

First Bank provides you with some of the lowest mortgage rates available on a variety of home loan options, such as:

Conventional Loans
Government Loans (FHA, VA, and more)
Jumbo Loans
One-Time-Close Construction-to-Permanent Loans
Dream It, Own It

Use our mortgage calculators, visit a First Bank location near you to speak with one of our loan experts about our mortgage options and rates today.

Loans subject to credit approval.

———

Sources:

Investopedia: http://www.investopedia.com/terms/c/credit_score.asp

Consumer Finance: https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Renovating Before Moving In? Ask These Questions! Every project is different, of course. But before you close on your property and start looking for a sledgehammer, make sure you know the answer to these 6 questions. 3 min read

Couple smiling at each other signing closing papers on property with realtor

Homebuyers: What to Bring to Closing Before your closing date, you should receive a list from your loan officer or agent with everything that you will need to bring on closing day. Here are a few items commonly on that list. 3 min read

Essential Homeowner’s Insurance Life has the ability to catch us off-guard with unanticipated and costly expenses, such as house damage from a fallen tree or basement pipes bursting during the winter season. That’s why homeowner’s insurance is essential for anyone interested in purchasing a home. Purchasing a home is a major life event, so you want to make sure your investment is protected and insured. So, how does homeowner’s insurance work? You pay an annual premium and choose a deductible amount to be paid when you file an insurance claim. That premium is generally paid on a monthly basis as a part of your mortgage. If an event that’s covered by your policy damages your home, such as a fallen tree or fire, you should immediately contact your insurance company to file a claim. The company sends an adjuster to assess all of the damage once your claim is filed. Based on his or her notes, your insurance company will offer a sum of money for repairs, then settle the claim. The amount may be negotiable if you feel it’s not substantial enough to cover the cost of repairing or rebuilding your home. Keep in mind, however, that filing more than 2-3 claims, especially for minor losses, can backfire and lead to an increase in your annual premium. What Kind of Coverage Does Homeowner’s Insurance Include? Without home insurance, it’s likely that you wouldn’t be able to afford the cost of home repairs or rebuilding. With the average cost of a claim coming in at approximately $7,500, even filing one claim in the entire span of your insurance policy can make it worth the protection. Here are some common claims homeowners file: Interior damage—Any accidental damage to your house’s interior is covered by home insurance, including water damage, theft, fire, paint peel, and glass breakage. Exterior damage—A large portion of claims are made up of exterior insurance claims, particularly to repair damage resulting from storms. This kind of claim is particularly applicable to homeowners in wooded or coastal areas who have a higher risk of damage from lightning, wind, or falling debris. Total destruction—While this kind of claim is less common than others, it’s the “most common insurance” offered. The average home value 3 min read

The Right Age to Buy a House Although buying a house for the first time is a big decision, it turns out there is no perfect age to do it. When it comes to taking the plunge, it’s more about individual readiness. 3 min read

5 Ways to Get the Lowest Mortgage Rates

Ready to talk to an expert?

Tips for Keeping Mortgage Rates Low

Ready to talk to an expert?

You may be interested in...