How to obtain the lowest mortgage rate.

Mortgage rates are rising. Here are four factors that can help you obtain the lowest interest rate.
Your credit score.
A good credit score is most important.  It allows your lender to qualify you for a mortgage with more favorable terms and lower interest rate.
Your loan type.
Four types of loan are available, each offering different terms :
Conventional: a mortgage loan not guarantied by the Veterans Administration or the Federal Housing Administration or Department of Agriculture loan programs.
FHA: a mortgage loan insured by the Federal Housing Administration.
VA: home loan guarantied by the US Veterans Administration under the servicemen’s Readjustment Act of 1944 and later.
USDA: the Rural Housing Service (RHS) offers mortgage programs that can help low-to-moderate-income rural residents purchase, construct, and repair homes.
 Rates vary significantly be different according to the loan type you choose.
Your loan term.
The term of the loan will affect your interest rate, monthly payment and the total interest you will pay over the life of the loan.
Your down payment.
A larger down payment, in general, is associated with a lower interest rate. Putting 20% or more down will usually lower your mortgage costs, if you can afford it.
Source: Keeping Current Matters (KCM), October 12, 2022.
               Dictionary of Real Estate Terms, Harris, Friedman, Lindeman.
“Divine musique”  Bronze by Joseline Laramee (Joselinelaramee@gmail.com)