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How to Get the Best Mortgage Rate


Buying a home is one of the most significant purchases a person will make in their life. Getting a good mortgage rate is extremely important!

Here are some tips to get the best mortgage rate:

  1. Have a good credit score. The higher the credit score, the better the mortgage rate.
  2. Save money! Ideally, try to save 20% for the down payment.
  3. Be steadily employed. Working for the same employer for at least 2 years shows lenders you have steady earnings, which may give you a better mortgage rate.
  4. Know the difference between fixed rate vs ARM. Fixed rate mortgages keep the same interest rate over the entire life of the loan. Adjustable-rate mortgages (ARM) rates change over time.
  5. Decide if you want a 15 year vs 30 year mortgage. 15 year fixed rate mortgages will have higher monthly payments, but you also could save thousands of dollars in interest.
  6. Research multiple lenders. Shop around and so some research to make sure you’re getting the best interest rate for your situation!

American Consumer Credit Counseling (ACCC) is a leading source for personalized debt management advice and programs to consolidate your debt. If you are interested in consolidating debts, contact one of ACCC's credit advisors to learn how to consolidate bills without having to take a consolidation loan as would be suggested by some other debt relief agencies. As a Better Business Bureau accredited credit counseling agency, you can count on ACCC for fair and honest help with credit issues. We are also approved by the Department of Justice to provide pre-bankruptcy counseling and post-bankruptcy credit counseling courses.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member