There is no way for you to control the factors that influence the current mortgage rates in Chicago. From international events to employment reports, the best any consumer can do is just watch and wait to see what happens. However, there are some tips that can help you reduce the mortgage rate a lender is willing to give you. With the information here, you can be well on your way to a great rate.
Add a Point to Your Credit Rating
Did you know that you can save thousands on your mortgage costs by just adding a single point to your existing FICO score? This is because the majority of non-government mortgage programs will be priced based on your credit rating. If you have a FICO rating of 679 points, you can expect to pay more than if you have a credit rating of 680. If you want to find get great mortgage rates in Chicago then make sure to pay close attention to your credit rating.
Don’t Completely Rule out Adjustable Mortgage Rates
Even though the 30-year fixed mortgages are considered the most popular type of home loan, they aren’t the only game around. If you aren’t expecting to keep the property, or the mortgage for more than a few years, then an option offering a lower rate is an adjustable rate mortgage, or ARM. If you want to get the best mortgage rates in Chicago, then this is a product you should consider.
There is no question that the process of trying to get a great mortgage rate can seem daunting. However, when you use the tools and information here, you will be able to enjoy lower rates than you may have imagined you would qualify for.
Learn more about mortgage rates by visiting the Team Spisak website.
