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What To Do If You Get Stuck With A High Mortgage Rate


Your mortgage’s interest rate is one of the “make or break” numbers that determines whether you become a happy homeowner or stay resigned to renting.  

If the only mortgages you can currently secure all have sky-high rates, don’t despair – you have some workarounds that can help you nab a rate that’s more reasonable for your long-term financial health. CNBC Select lists out some tips below that could help you close the deal on your home without becoming house poor.  

What we’ll cover

Make a larger down payment

UFB High Yield Savings

UFB High Yield Savings is offered by Axos Bank, a Member FDIC.

  • Annual Percentage Yield (APY)

  • Minimum balance

  • Monthly fee

  • Maximum transactions

    No max number of transactions; max transfer amounts may apply

  • Excessive transactions fee

  • Overdraft fee

    Overdraft fees may be charged, according to the terms, but a specific amount is not specified; overdraft protection service available

  • Offer checking account?

  • Offer ATM card?

Marcus by Goldman Sachs High Yield Online Savings

Goldman Sachs Bank USA is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Minimum balance

  • Monthly fee

  • Maximum transactions

    At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account

  • Excessive transactions fee

  • Overdraft fee

  • Offer checking account?

  • Offer ATM card?

Choose an adjustable rate loan

Chase Bank

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

  • Types of loans

    Conventional loans, FHA loans, VA loans, DreaMaker℠ loans and Jumbo loans

  • Terms

  • Credit needed

  • Minimum down payment

    3% if moving forward with a DreaMaker℠ loan

Ally Home

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

  • Types of loans

    Conventional loans, HomeReady loan and Jumbo loans

  • Terms

  • Credit needed

  • Minimum down payment

    3% if moving forward with a HomeReady loan

Again, we can’t stress enough that you understand the inherent risks of an adjustable rate mortgage since the wrong move could cost you thousands. 

Consider purchasing mortgage points

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Refinance when rates are lower

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

Better.com Mortgage Refinance

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loan, FHA loan and jumbo loan

  • Fixed-rate Terms

  • Adjustable-rate Terms

  • Credit needed

Bottom line

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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