Rate Shopping
Timing is key:
Shop for rates at the right time, such as when interest rates are low or when you are ready to make a purchase. Keep in mind that rates can change daily.
Know your credit score:
A good credit score can help you secure a lower interest rate. Make sure to check your credit score and understand what factors influence it before you start shopping for rates.
Compare apples to apples:
When comparing rates from different lenders, make sure you are comparing similar loan terms, such as the loan amount, term length, and type of mortgage.
Ask for a rate lock:
If you find a rate you like, ask the lender if they offer a rate lock option. This guarantees a specific rate for a set period of time, even if interest rates change in the meantime. This can be especially helpful if you are shopping for rates over a period of several weeks or months.
Rate Shopping Resources!
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