[Raul]

I’m currently preparing to apply for a mortgage and want to make sure I get the best possible interest rate. I have an excellent credit score of 800, a solid and steady work history, and minimal debt.

I’ve been doing some research, but I’d love to hear from others who’ve gone through the process.

What specific steps should I take to secure the most favorable mortgage rate available?

Are there particular lenders, strategies, or timing tips that worked for you? Should I consider buying points, or is that not always worth it?

And how much does the down payment amount really affect the rate?

Whether you’ve recently gone through this yourself or have insider knowledge from the industry, I’d appreciate any advice or insights.

The mortgage world can be a bit overwhelming, so hearing from real people would help me make the smartest decisions.

Thanks in advance for sharing your experiences!

[Davis]

Put 20% down + closing costs. That will give you better interest rates.

[Ethan]

I’ve been looking at loan assumptions lately. It’s possible to assume someone else’s 2-3% loan if it’s an FHA or VA loan.

The big hurdle with this is you have to pay the difference between the asking price and the sellers equity.

But if you have equity in a current property you may be able to flip it into a bigger/better house.

[Lila]

(speaking as a Canadian Mortgage Agent here) I have to disagree with the above comment, 20% down will not likely give you a better interest rate, insured mortgages will likely have better rates (less than 20% down), but there’s a difference in getting the lowest rate for a term and paying less interest over the term.

[Jason]

Shopping rate is pretty difficult these days. If you haven’t fully applied, and aren’t under contract- lenders can throw out all kinds of things that aren’t true.

Quoted rates and locked rates are VERY different.

Lender with great rates and terrible understanding of MBS will get beat by good rates and a savvy lender all day.

Find someone you can trust, who knows their stuff, and who wants to help you structure the offer before you write it, and manage the debt after, and you’ll be in great shape

[Author]

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