{"id":5223,"date":"2024-11-27T11:30:00","date_gmt":"2024-11-27T11:30:00","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/11\/27\/control-the-controllables-if-youre-worried-about-mortgage-rates\/"},"modified":"2024-11-27T11:30:00","modified_gmt":"2024-11-27T11:30:00","slug":"control-the-controllables-if-youre-worried-about-mortgage-rates","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/11\/27\/control-the-controllables-if-youre-worried-about-mortgage-rates\/","title":{"rendered":"Control the Controllables If You\u2019re Worried About Mortgage Rates"},"content":{"rendered":"\n

$\"Control$ \n

Chances are you\u2019re hearing a lot about mortgage rates right now, and all you really want to hear is that they\u2019re coming back down. And if you\u2019ve seen headlines about the early November Federal Funds Rate cut by the Federal Reserve<\/em><\/a> (The Fed), maybe you got hopeful mortgage rates would start to decline right away. Although some media sources may lead you to believe that the Fed\u2019s actions determine mortgage rates, in reality, they don\u2019t.\u00a0<\/p>\n

The truth is, the Fed, the job market, inflation, geopolitical changes, and a whole list of other economic factors influence mortgage rates<\/a>, too. So, while recent actions from the Fed set the stage for mortgage rates to come down over time \u2014 it\u2019s going to be a gradual and, likely bumpy, process.<\/p>\n

Here\u2019s the best advice anyone can give you right now. While you may be tempted to wait for rates to fall, it\u2019s really hard to try and time the market<\/a> \u2014 there\u2019s just too much that can have an impact. Instead, set yourself up for homebuying success by focusing on the factors you can control. Here\u2019s what to prioritize if you\u2019re looking to put your best foot forward.<\/p>\n

Your Credit Score<\/strong><\/h4>\n
Credit scores can play a big role in your mortgage rate. And the difference of just a few points can make a significant impact on your monthly payment. As an article from Bankrate <\/em>explains:<\/p>\n
\u201cYour credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you\u2019ll qualify for.\u201d<\/em><\/p><\/blockquote>\n
With rates where they are today, maintaining a good credit score is one of the keys to getting the best rate possible. To find out where your credit score stands and what you can do to give it a boost, reach out to a trusted loan officer.<\/p>\n
Your Loan Type<\/strong><\/h4>\nThere are many types of loans, and each one offers different terms for qualified buyers. The Consumer Financial Protection Bureau<\/em> (CFPB) says<\/a>:<\/p>\n
\u201cThere are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.\u201d<\/em><\/p><\/blockquote>\n
Work with your team of real estate professionals to see which loan types you may qualify for and figure out what will work best for you financially.<\/p>\n
Your Loan Term<\/strong><\/h4>\nJust like with loan types, you have options<\/a> when it comes to terms, or the length of your loan. As Freddie Mac<\/em> says:<\/p>\n
\u201cWhen choosing the right home loan for you, it\u2019s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.\u201d<\/em><\/p><\/blockquote>\n
Lenders typically offer mortgages in 15, 20, and 30-year terms. And which term you go with has a direct impact on your rate. Talk to your lender about which one is right for your situation.\u00a0<\/p>\n
Bottom Line<\/h3>\n
Remember, you can\u2019t control what happens in the broader economy or when mortgage rates will come down. But there are actions you can take that could help you set yourself up for success.<\/p>\n
Connect with a local real estate agent and lender to go over what you can do now that\u2019ll make a difference when you\u2019re ready to move.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
Chances are you\u2019re hearing a lot about mortgage rates right now, and all you really want to hear is that they\u2019re coming back down. And if you\u2019ve seen headlines about the early November Federal Funds Rate cut by the Federal Reserve (The Fed), maybe you got hopeful mortgage rates would start to decline right away. […]<\/p>\n","protected":false},"author":1,"featured_media":5224,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-5223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/11\/20241127-Control-the-Controllables-If-You-re-Worried-About-Mortgage-Rates-original.png?fit=750%2C410&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-1mf","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=5223"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/5224"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=5223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=5223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=5223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}