Finding the best 15 year fixed mortgage rates online can be a pain, with so many different lenders to choose from and terms and conditions how are you supposed to know which mortgage rate is the best? Luckily, we’ve made it simple for you with our top recommended place to find mortgages online. You can Get up to 5 offers, meaning you spend less time filling in the same forms over and over again and more time doing the things you enjoy, like spending time with your family. To get started, fill out the information in the banner below, or see our guide on what you need to ensure you get the best rate on your mortgage.
Getting the Best Rate on Your 15 Year Mortgage
While comparing different lenders is a great way that you can get great rates on your mortgage, it’s no substitute for the fundamentals. Especially in a tight credit market like today’s, where lenders will scrutinize and make sure that they have plenty of protection for your mortgage there are a few things that you need to do to make sure that you get the best rate on your loan.
Get Your Credit Score Higher
The first thing that you can do to get a great rate on your loan is to build up your credit. This might not be easy if you have really bad credit, but there are some things that you can do, or avoid doing, that might impact your score.
• Don’t apply for new credit cards: Every time you apply for credit, your credit score will dip by a few points, so if you’re thinking about buying a home, hold off on applying for new cards.
• Don’t cancel your old cards though!: Part of your credit score is the length of credit history you have with different lenders and the amount of revolving credit you have open. So make sure that you don’t cancel cards, especially ones you’ve had for a long time, if you want the best score possible.
• Pay down your credit cards: As stated above, the amount of your revolving credit that is open is a big determinant on your credit score, so pay down your existing balances.
• Get your credit score and check for discrepancies: Try to address any unpaid bills or other discrepancies on your credit report
The Down Payment
Once your credit is in line, you need to start thinking about saving up for a down payment. While you can qualify for loans with no money down, these loans will give you terrible rates! The amount you need will depend on the type of property you want to own. Lenders will require more for an investment mortgage (over 20% usually) than they will for a home that you plan on living in. Talk to your local bank to try to get an idea of what to expect for your interest rate to get the best rate on your 15 year mortgage.
If you have your credit history and down payment in order, you should be well on your way to finding the best 15 year fixed mortgage rates. For more information on what type of rates that you can get, fill out the information in the banner below and get banks competing for your business!