What you should do if you want to get a good mortgage rate?

Описание: You can’t get a great mortgage rate just by comparison shopping. There is a lot more to it.

There are many factors that the mortgage industry considers while determining how you qualify for a mortgage and what rate you deserve. Understanding these and working upon them will help you improve your current standing and ask for a better rate.

Here are a few steps you need to take if you are looking to obtain a mortgage at a great rate of interest:

1 Improving your FICO credit score

The higher your credit score the lower will be your mortgage rate. If you have a FICO score of 760 or above, you can get the best mortgage rates in the market. A 620 FICO Score will definitely help you qualify for a mortgage; but the rate you will get would be about 5.022%. Nevertheless, with a score of 760 or above, you can obtain a mortgage with 3.433% only. You will have to start working months in advance if you want to improve your credit score. This includes paying off your debts or dues and cleaning up your credit report if there are any mistakes.

2 Work on your Income and Employment Stability

Job stability is one thing that most Mortgage lenders would consider while qualifying mortgage applications. You should ideally be in the same job for at least two years before you apply for a mortgage. In case you have switched your job, it better be to a higher paying position. The requirements are quite strict if you are self-employed. You will need to make sure you have documented your business income along with your IT returns for a period of two years at least.

3 Improve your DTI or Debt-to-Income Ratio

There are two things you need to improve here – your back-end ratio ((sum total of your monthly debt payments + proposed monthly payment for your new housing) / your gross monthly income) and your front-end ratio (your housing costs apart from your debts). Ideally your front-end ratio should be less than 28% and your back-end ratio should be less than 36%. The lower your DTI, the lower would your interest rate be.

4 Save up for your Down Payment

The more down payment you make the better will be your mortgage rate as it reduces the risk of your lender. You should ideally save up enough money to pay up a 20% down payment before applying for a mortgage. This way you may not have to pay your PMI or private mortgage insurance. This will reduce your monthly mortgage payment and make it much more affordable.

5 Manage your Cash Reserves Efficiently

Apart from saving up for the down payment, you should also have enough cash reserve to make your monthly mortgage payments for about three months or so. This will give the confidence to the lender that you will pay up your dues even if you happen to lose your job.
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