Ignite FB Tracking PixelFinding the best mortgage rate: Compare & choose carefully - Georgina Patterson
Keller Williams Realty Petaluma, DRE #02104684
Georgina Patterson, Keller Williams Realty Petaluma, DRE #02104684Phone: (415) 342-6794
Email: [email protected]

Finding the best mortgage rate: Compare & choose carefully

by Georgina Patterson 03/27/2023

If you’re trying to find the best possible mortgage rate, compare and research your options carefully. Similarly to when comparison-shopping for products or services, the more you know about the choices available to you, the better your decision will be.

However, mortgage rates are more complicated than other types of comparison shopping. With multiple factors determining interest rates, here are the most important things to know:

Factors affecting mortgage rates

Your credit score is one major factor in determining your loan rates. The higher your score, the lower your risk is considered by the lender, and the lower your payment rate. Other financial details like debt-to-income ratio are also on the table. 

The type of mortgage you choose also impacts your rates. A fixed-rate mortgage will have a higher interest rate overall, but will never change. An adjustable rate mortgage may begin with a low rate, but increase over the life of the loan.

Down payment amount can also affect mortgage interest rates. Often, a larger down payment might qualify you for a lower rate.

Market factors

Unfortunately, it’s not possible to control every factor in determining mortgage rates. The national and global economies and the Federal Reserve all affect the mortgage market and interest rates. Mortgage lenders take these “big picture” factors into account with your personal financials when offering you a rate.

How to find the best mortgage rate

It can seem overwhelming to check interest rates while searching for a mortgage. Unfortunately, it can require some time to learn the best way to do it. 

Comparing loan rates with lenders directly is the quickest and most important step in the house purchasing process. Even small differences in rates of six figures will accumulate dramatically over a 30-year mortgage. 

Knowing what to expect for a monthly mortgage payment is crucial to budgeting, and understanding the ins-and-outs of how an interest rate is calculated will help. Consult a financial advisor or research online to find the most pertinent information when searching for your perfect mortgage loan.

About the Author
Author

Georgina Patterson

Georgina was born and raised in Paris, France. She studied Mathematics and Biology at the University of Paris. She settled in Marin County where she and her husband raised their two children. She was on tour with Cirque du Soleil, managing and chaperoning her young daughter who was one of the show's featured performers. During this time, they worked and traveled throughout Canada and the USA. Georgina appreciates the beauty of the Bay Area and Sonoma. She especially enjoys the nice weather, diversity, and culture. She became a tax preparer and an Enrolled Agent. She decided to become a Realtor® and is pleased to join Keller Williams Realty. For fun, she enjoys traveling and playing the Piano. 

Realtor®

DRE #02104684

415.342.6794

[email protected]