#ChickChat Episode 72- How to Get the Lowest Mortgage Rate
Again, in 2022, I want you to be smart and rich in real estate so I'm going to give you a couple tips on how to get the lowest mortgage rate. Number one is increase your credit score. If you have questions on how to do that, Google it, or just give me a call and I'll help you increase your credit score. Number two, increase your loan term. So instead of a 15 year mortgage, go to a 30 year mortgage. Oh, sometimes it's the opposite though. So now that I think about it, sometimes that is the opposite. So check with your lender and make sure that that is true in the current market that you're thinking about purchasing in. Number three is increase your downpayment. So the more that you are being lent, the higher the risk is, and the higher your mortgage rate is going to be. So if you are showing that you have a ton of money in the bank and you are a very, very responsible purchaser, then they will give you a lower interest rate. And number four, reduce your debts. This is a good rule of thumb for pretty much anything in life. So just reduce your debt. If you are not in the position to purchase a home right now, but you really want to set yourself up for success in the future, pay off as much debt as possible.
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