Whether you’re buying your first home or refinancing a home, getting a good deal on mortgage interest rates in Lima can save you quite a bit of money. Not only does a lower interest rate save you money each month, but you’ll pay less for your home over the course of the mortgage.
Here are 4 ways that you can get a lower interest today.
Take the time to shop around with various lenders. In fact, many people find that looking outside their financial wheelhouse can save them a good deal of money. From mortgage brokers to credit unions, there are plenty of places that have competitive interest rates.
Clean Up Your Credit
Do you have outstanding credit card bills that are bringing your credit score down? Perhaps you have some credit cards that are maxed out. Carrying high amounts of debt and not paying your bills on time can affect your interest rate because lenders will consider you a high risk. While you can’t clean up your credit overnight, if you devise a plan and stick with it, you can improve your rating and your eligibility for lower interest loans.
Consider a 15-year Mortgage
You may get a break on your interest rate by opting for a shorter loan term. Instead of the traditional 30-year loan, why not consider a 15-year mortgage. The initial result of a short term loan is that you’re going to have a higher monthly payment. However, with a lower interest rate and an abbreviated repayment period, you’ll save thousands of dollars in interest over the course of the loan.
Consider Opening an Account at a Credit Union
Credit unions are known for the great rates they offer their members. If you don’t belong to a credit union now, consider opening a savings account so you can qualify for lower mortgage interest rates in Lima on your next home purchase.
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