When it comes to something as important as your mortgage you want to make sure you’re getting the best possible rate. But how can you check mortgage rates without harming your credit score?
Here are a few tips:
1. Use a mortgage rate calculator.
There are a number of online mortgage rate calculators that can give you an idea of what rates are available. Just be sure to use a reputable site and input your information accurately.
2. Check rates with multiple lenders.
When you’re shopping for a mortgage it’s a good idea to check rates with multiple lenders. But when you do so be sure to tell each lender that you’re shopping around. This way they’ll all know that they’re competing for your business and they may be more inclined to offer you a lower rate.
3. Get rate quotes without affecting your credit score.
There are a couple of ways to get rate quotes without impacting your credit score. One is to use a rate quote service like Credible which will give you rate quotes from multiple lenders without doing a hard pull on your credit.
Another way to get rate quotes is to contact lenders directly and ask for a rate quote based on the information you provide. Be sure to let them know that you’re shopping around so they don’t do a hard pull on your credit.
4. lock in a rate.
If you find a rate you like you can lock it in for a set period of time. This protects you from rising rates and gives you peace of mind knowing what your mortgage rate will be.
5. Keep your credit score high.
One of the best ways to get a low mortgage rate is to have a high credit score. So if you’re not in the market for a mortgage right now work on building up your credit score so you can get a lower rate when you are ready to buy.
Following these tips will help you check mortgage rates without harming your credit score. And when you’re ready to start shopping for a mortgage be sure to check out Credible to get multiple rate quotes from top lenders.
How often do mortgage rates change?
Answer 1: Mortgage rates can change daily weekly or monthly depending on the market.
How can I check mortgage rates without hurting my credit?
Answer 2: You can check mortgage rates by using a soft credit pull which will not affect your credit score.
How do I know if a mortgage rate is good?
Answer 3: A good mortgage rate is one that is lower than the current average rate for the type of mortgage you are looking for.
How do I get the best mortgage rate?
Answer 4: You can get the best mortgage rate by shopping around and comparing rates from multiple lenders.
How do I compare mortgage rates?
Answer 5: You can compare mortgage rates by looking at the Annual Percentage Rate (APR) which includes the interest rate and any fees.
What is a points?
Answer 6: Mortgage points are a fee you can pay to lower your interest rate.
One point equals 1% of your loan amount.
Should I pay points to lower my interest rate?
Answer 7: It depends.
If you plan on staying in your home for a long time it may be worth it to pay points to lower your interest rate.
But if you think you may sell your home or refinance soon it may not be worth it to pay points.
What is a mortgage rate lock?
Answer 8: A mortgage rate lock is when a lender agrees to give you a certain interest rate for a certain period of time usually 60-90 days.
Should I lock in my mortgage rate?
Answer 9: If you are happy with the interest rate you are getting you should lock in your mortgage rate to avoid any potential rate increases.
How do I lock in my mortgage rate?
Answer 10: You can lock in your mortgage rate by paying a fee to the lender.
What is an adjustable-rate mortgage (ARM)?
Answer 11: An adjustable-rate mortgage (ARM) is a type of mortgage where the interest rate can adjust periodically.
What is a fixed-rate mortgage?
Answer 12: A fixed-rate mortgage is a type of mortgage where the interest rate is fixed for the life of the loan.
Should I get an adjustable-rate mortgage or a fixed-rate mortgage?
Answer 13: It depends on your situation.
If you think interest rates will go up in the future an adjustable-rate mortgage may be a good option.
If you want the stability of a fixed interest rate a fixed-rate mortgage may be a better option.
How long do I have to pay off my mortgage?
Answer 14: The length of your mortgage will depend on the type of mortgage you get.
A standard mortgage is usually 30 years but you can get a 15-year mortgage or a 10-year mortgage if you want to pay it off sooner.
What is a balloon payment?
Answer 15: A balloon payment is a lump sum payment you make at the end of your loan term.
