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How To Get the Best Mortgage Interest Rate


How to get the best mortgage interest rate

Improve your credit score

Experian Dark Web Scan + Credit Monitoring

On Experian’s secure site

  • Cost

  • Credit bureaus monitored

  • Credit scoring model used

  • Dark web scan

  • Identity insurance

IdentityForce® UltraSecure and UltraSecure+Credit

On Identity Force’s secure site

  • Cost

    UltraSecure+Credit Individual starts at $139.90/yr and UltraSecure+Credit Family at $209/yr. Click “Learn More” for details.

  • Credit bureaus monitored

    Experian, Equifax and TransUnion

  • Credit scoring model used

  • Dark web scan

  • Identity insurance

    Yes, $1 million for all plans

Terms apply. To learn more about IdentityForce®, visit their website.

Shop around for the best rate in your area

Consider a shorter loan term

Rocket Mortgage Refinance

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans, FHA loans, VA Interest Rate Reduction Refinance Loan (IRRRL) and jumbo loans

  • Fixed-rate Terms

  • Adjustable-rate Terms

  • Credit needed

    580 if opting for FHA loan refinance or VA IRRRL; 620 for a conventional loan refinance

Other lenders, such as SoFi and PNC Bank, offer terms between 10 years and 30 years. SoFi also offers a number of lending benefits — a $500 discount for SoFi members and up to $9,500 in cash back when you purchase a home through the SoFi Real Estate Center — that could potentially offset at least some of the interest you would pay even if you decide to go with a longer loan term.

SoFi Mortgage Refinance

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans and jumbo loans

  • Fixed-rate Terms

  • Adjustable-rate Terms

  • Credit needed

Picking your term is an extremely important decision since there are advantages and disadvantages to going with a shorter term over a longer term. If you end up going with a shorter term, make sure the larger monthly payments that would inevitably come with it can fit into your budget.

Compare offers to find the best loan

Bottom line

As mortgage rates continue to rise, borrowers can potentially save thousands by applying with a higher credit score and shopping around for the best rate before signing on the dotted line. Keep in mind that you can always refinance later for a potentially even lower rate when interest rates finally come back down.

Why trust CNBC Select?

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.





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