How To Get the Best Mortgage Rate

A high credit score is essential for securing favorable mortgage rates, with scores in the 700s typically qualifying for the best offers. Increasing your down payment can also lower rates and eliminate private mortgage insurance. It's important to compare rates from various lenders, including local banks and online options, to find the best deal. Shorter loan terms usually have lower rates, and purchasing mortgage points can reduce long-term costs. Regularly monitoring your credit and maintaining responsible financial behavior are key to improving your score and securing better mortgage rates.