There’s one silver lining to the coronavirus’ impact on the real estate market: plummeting mortgage rates. (Fox Business)
For those with steady employment and a down payment at-the-ready, now is the near-perfect time to buy a home, as mortgage and refinance rates this low may not be seen again in our lifetime. Credible can help you compare mortgage lenders and discover the best refinance rates available today so you can lower your monthly payments and meet your financial goals.
American life has changed substantially following the COVID-19 outbreak but the steps on how to buy a home haven’t changed much at all. The very first place to start when contemplating a home purchase is to explore mortgage loans via an online aggregator such as Credible.com to compare rates and lenders.
Don’t skip the shopping. Your primary financial institution may offer a good mortgage loan rate because of your customer status, but this doesn’t mean you shouldn’t shop around, as it may not be the lowest mortgage rate. Obtaining a rate quote from at least three lenders is considered a financial best practice, and new technologies such as Credible’s comparison tool can make it easy to shop online in just a few minutes.
Shop with the best credit. Rate shopping is important, but you’ll get the best rates available if your credit score is strong. Homebuyers should aim for a credit score above 700 for the most competitive rates. Good credit (700-759) will yield a low rate, but excellent credit (between 760 and 850) means the most substantial savings.
Based on current rates, now is likely a good time to refinance. Find out how much you could save today using Credible’s online tool.