Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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:

  1. Improve your credit score: The best tool in a mortgage shopper’s arsenal is his or her 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
  • Jumbo Loans
  • Government Loans
  • MedPro Loans
  • Construction Loans
  • Dream It, Own It

Use our mortgage calculators and 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/

Trending Topics
Lowest Mortgage Rates High Point NC Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for… HSA Rules and Regulations You Should Know If you have a high-deductible health insurance plan, a Health Savings Account (HSA) can help you save for future medical expenses. Health Savings Accounts were established by the federal government… 6 Steps to Starting a Small Business in North Carolina First, you had an idea for a small business. Now, you want to set that idea in motion. If you are looking to start a small business in North Carolina,… Mobile Check Deposits from Anywhere Before mobile phones and tablets, checks had to be cashed in person or by mail. Now, mobile check deposits allows you to deposit your checks from anywhere, so long as… Find Remodeling Loans in Asheville, NC First Bank offers remodeling loans in Asheville, NC, for homes or businesses to get you started on turning your vision into a reality. Our Asheville loan officers will work with… The Best Personal Banking Services for You Finding the best personal banking services for your financial needs doesn’t need to be difficult. The factors that go into evaluating available options can include convenience, fees, and interest rates.… The Benefits of Checking Accounts with Online Access Out of all the factors that tend to influence our decisions regarding financial management, levels of convenience tend to play a heavier role than others. For that reason, online tools,… Get Maximum Flexibility With a Small Business Credit Card Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to… Student Checking Account Asheville NC First Bank in Asheville, NC, makes it easy for students to manage their funds with Campus Checking, our student checking account. Campus Checking is open to all qualified and currently… What You Need to Open a Business Banking Account Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But,…