How do I Get the Best Mortgage Rate?

Published on August 31st, 2016

You’re shopping for a mortgage loan and want to find the best mortgage rate deal – doesn’t everyone! There’s a lot of information out there about mortgage rates— whether for a home purchase or home refinance. vLoan’s technology can show you each day’s mortgage rates right on the home page. But how exactly do you qualify for that low, low rate? Keep reading to find out.

Prepare

Start planning before you decide to purchase a home or refinance your current mortgage and make sure you get your finances in order. Check your credit score by getting a free copy of your credit report once per year at annualcreditreport.com. Have high credit card debt or student loans? Try to pay off other debts as much as you can before you apply for a mortgage loan. Budget your new expenses using a spreadsheet or a budgeting app. Look at your savings and determine how much money you can put down on your home purchase.

Explore your loan options

Start assessing what you can afford before you start house hunting. Use our free rate quote tool to estimate what your monthly mortgage payments could be and decide if it’s an affordable option for you. It’s in your best interest to contact multiple lenders to see their rates and test their customer service. vLoan is a leader in giving second opinions, and our mortgage advisors are happy to compare loan interest rates and run through different loan scenarios with you over the phone. Our mortgage advisors will help educate you about the different loan types to see which one fits you best and gets you the best rate. vLoan will be on your side during the process to make sure you get the best rate for you, even if it’s not with us.

Compare your loan offers

Did you get multiple loan estimates from different lenders? Great! Decide which one is the best for you and lock your interest rates before you choose an offer. The CFPB suggests doing this to help protect your interest rate in case it goes up between now and closing.

Closing your loan

Congratulations! You’re getting closer to throwing that house warming party! That negotiating paid off, didn’t it? Now it’s time to prepare for the closing process. Make sure you learn about each your lender’s closing costs, points and any fees you’ll have to pay. You can see all of these price estimates when you get your free rate quote with vLoan. With other lenders, you may have to go through some hoops and talk to other third-party servicers to investigate your options. With vLoan, you just have to worry about talking to your dedicated mortgage advisor. Chat with him or her over the phone, email or chat to get your loan closed in as little as 21 days!

Start exploring your options today using our free rate quote tool. Have a question or want to test our customer service? Give us a call today at 1-844-77-vLoan to discuss your mortgage options.

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