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Have you seen where mortgage rates have been lately? One day they go down a little. The next day, they go back up again. It can feel confusing and even frustrating if you\u2019re trying to decide whether now\u2019s a good time to buy a home.<\/p>\n

Take a look at the graph below. It uses data<\/a> from Mortgage News Daily<\/em> to show that after a relatively stable month of March, mortgage rates have been on a bit of a roller coaster ride in April: <\/p>\n

This kind of up-and-down volatility is expected when economic changes are happening.<\/strong><\/p>\n

And that\u2019s one of the reasons why trying to time the market isn\u2019t your best move. You can\u2019t control what happens with mortgage rates. But you\u2019re not powerless. Even with all the economic uncertainty right now, there are things you can do. <\/p>\n

You can <\/em>control your credit score, loan type, and loan term. That way, you can get the best rate possible in today\u2019s market.<\/p>\n

Your Credit Score<\/strong><\/h4>\n
Your credit score can really affect the mortgage rate you qualify for. Even a small change in your score can make a big difference in your monthly payment. Like Bankrate <\/em>says:<\/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: <\/em>Typically, the higher your score, the lower the interest rates and better terms you\u2019ll qualify for<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n
Keeping your credit score up is key when it comes to qualifying for a home loan. If you\u2019re not sure where your score stands or how to improve it, talk to a loan officer you trust.<\/p>\n
Your Loan Type<\/strong><\/h4>\nThere are also different types of loans out there, and each one comes with unique requirements for qualified buyers. The Consumer Financial Protection Bureau<\/em> (CFPB) explains<\/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. <\/em>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.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n
Always work with a mortgage professional to figure out which loan makes the most sense for you and your financial situation.<\/p>\n
Your Loan Term<\/strong><\/h4>\n
Just like there are different loan types, there are also different loan terms. Freddie Mac<\/em> puts it like this:<\/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. <\/em>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.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n
Most lenders typically offer 15, 20, or 30-year conventional loans. Be sure to ask your loan officer what\u2019s best for you.<\/p>\n
Bottom Line<\/h3>\n
You can\u2019t control what\u2019s happening with the economy or mortgage rates, but you can take steps that\u2019ll help you get the best rate possible.<\/p>\n
Connect with a local real estate agent and a lender to talk about what you can do today to put yourself in a strong spot for when you\u2019re ready to buy a home.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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