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Want to Qualify for the Best Mortgage Rate? Do These 3 Things First

Purchasing a home is not only likely to be the biggest investment you’ll ever make, but it is also the largest debt you’ll assume in your lifetime. It pays to do your research when it comes to ways to qualify for the lowest mortgage rate. After all, just a couple of percentage points can make the difference in you paying thousands of dollars more over the course of the loan.

1. Check Your Credit Score

Your credit score is the single most important item when it comes to securing the best mortgage rate. Being able to improve it takes time so ideally. you should start by taking a look at your credit score at least several months before you actually want to apply for a mortgage.

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Why Are 30-Year Mortgage Rates So Popular?

This last week the interest rate on a fixed-rate 30-year mortgage rose a very small amount, so it now sits at 4.86%. Despite being a slight increase when going week-to-week, this is nearly a full point higher than the interest rates on the same mortgages a year ago says Freddie Mac.

These higher interest rates change the entire home buying process, particularly the part where potential purchasers weigh out the real costs of borrowing from lenders. In fact, some real estate markets have begun to see dips in both prices and sales because of rising interest rates.

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Are Rising Mortgage Rates Scaring New Buyers?

It comes as no surprise that rising mortgage rates are impacting purchasing power. A recent study released by Realtor.com shows just how much monthly home loan payments are rising – and the results aren’t very pretty.

Rising costs are obviously restricting the ability of many potential purchasers to afford a new home of their own. Others are being scared away from taking on a home loan thanks to an unstable market. The question becomes if rates continue to rise, will homeowners really be able to afford their loans?

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Is A New Credit Scoring System on Its Way?

A new credit scoring system could make it easier for some select groups of people to obtain a mortgage or any other loan. This applies mostly to people with FICO credit scores ranging between five and six hundred, as well as those who have no (or little) credit history.

The new credit scoring comes by the name of UltraFICO. It is a new scoring system that allows consumers to establish credit based on their savings and banking activity versus the traditional approach, which exclusively used loans (like mortgages and car loans), credit cards, and other forms of debt.

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Are Retirees Having A Hard Time with Financing?

Once employment earnings cease, retirees tend to take a decently sized drop in their incomes. Social security benefits, for example, are but a small percentage of what retirees once made, while pensions are hardly heard of anymore.

The difference, however, is that retirees could potentially have hundreds of thousands of dollars stored away in their IRAs, 401(k)s, personal savings accounts, or other sources. Yet these same people sitting on substantial nest eggs are often shot down when they try to get a new mortgage or refinance their current ones. The reason? They just don’t have a high enough monthly income.

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