How can I get a lower mortgage rate?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Raise your credit score, put more down, choose a shorter term, buy discount points, or consider an ARM if you'll move before it adjusts. Comparing lenders also matters since pricing varies.
Each lever has a tradeoff in cash or risk. We'll show which combination lowers your rate most cost-effectively for your plans.
Strengthen your file
The biggest levers are your credit score and down payment. Raising your score, even by 20 points, and putting more down can both lower your rate. Lowering your debt-to-income ratio helps too.
A shorter loan term, like a 15-year loan, also comes with a lower rate than a 30-year.
Shop and consider points
Comparing lenders matters because rates and fees vary. You can also buy discount points to lower the rate if you plan to keep the loan a while.
We compare pricing across multiple lenders for you. Apply now and we will hunt down your lowest available rate.