One of the main reasons we’re seeing demand starting to shift is because of rising interest rates. Those higher interest rates can mean that buyers end up paying more for their home by the end of their mortgage term than they would have if they got a mortgage this time last year. I have a list of lenders I regularly use who have programs to get the lowest interest rate possible including the “2-1 buydown” program. Some other tips you can do yourself to lower your rate include:
1: Choosing a shorter loan term.
2: Do all you can to improve your credit score.
3: Put a larger down payment in your home purchase (there are different ways to do this).
4: Buy down your “points” at closing. Each “point” equals 1% interest rate.
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