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5 Ways to Get the Lowest Mortgage Rates

Homebuying 3 min read

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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/

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