![]() ![]() Here are tips to get your best mortgage rate Shop for a lower rate: Rate shopping doesn’t have to take long, and it’s well worth the savings.However, you will pay more in total interest over the life of the loan Longer loan term: A longer loan term means lower monthly payments.Avoid private mortgage insurance: When you put at least 20% down on a conventional loan - or 20% home equity on a refinance - you can avoid paying monthly private mortgage insurance premiums (PMI).Also, the best mortgage rates generally go to borrowers with larger down payments, among other qualifying factors Bigger down payment: Putting more money down means you’ll borrow less.Lower purchase price: The less you borrow, the lower your mortgage payment.If your mortgage calculator results are not yielding the lower monthly payments you hoped for, here are several techniques to try: ![]() Start here How to lower your monthly payments To find out how much house you can afford based on your monthly budget. ![]()
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