Mortgage rates are currently at their lowest in three years, and if you want to take advantage of them you should act quickly before they go up again. After all, even small increases can have a significant impact on your total mortgage payment.
For example, an increase of just one percent will add $30 per month to the total cost of the average $200,000 mortgage. Here’s how to get the best rate on your next mortgage, no matter what type of buyer you are.
What are your current Haven Mortgage Rates?
Haven Mortgage offers many different mortgage products for various types of borrowers. They also offer a wide range of loan programs, from loans with low down payments and monthly costs to mortgages with no down payment.
There are even mortgages that offer refinancing options for those who have been locked into high-interest rates or adjustable-rate mortgages. The best way to get started is by completing an online mortgage application.
Once you’ve submitted your information, they’ll take it from there. You can expect an email in just minutes telling you whether or not your information has been accepted.
Qualifying for lower interest rates
The lowest Haven Mortgage rate is available for those with a credit score of 700+. For those who are in this category, it is possible to obtain a 30-year fixed rate mortgage for as low as 3.125%.
There are other types of loans which can offer lower rates, such as an FHA loan.
An FHA loan has higher down payment requirements than a conventional loan but does not require private mortgage insurance.
An FHA home buyer may also qualify for 0% down payment and no PMI if they have little or no debt and make a monthly income that is two times their current debt payments.
Applying for the best deal
At Haven Mortgage, we offer a variety of loan programs with competitive rates. The first step is determining which type of loan best suits your needs.
There are fixed-rate loans, adjustable-rate loans (ARM), and hybrid loans.
Fixed-rate loans: These have a set interest rate that never changes over the life of the loan. ARMs typically have an initial low interest rate that will rise after an initial period of time or at predetermined intervals .
Hybrid loans combine features of both types of mortgages. It’s always worth shopping around for the best mortgage rate.
Ways to save money at Haven Mortgages
There are many ways to save money when getting a mortgage. The easiest is to find an affordable property for sale that is also close to public transportation, schools, and places of work. You can also talk with other people in your industry about how they negotiate their mortgages.
There are so many options out there! Make sure you always shop around before making a decision or signing any contracts!
-Get quotes from multiple lenders
-Compare the rates and interest rates
-See what closing costs are included in each quote
-Consider whether any of these features might be important to you: 100% financing, low down payment loans, cash back incentives (like points), VA loans , 30-year fixed rate mortgages, 15-year fixed rate mortgages, 5/1 ARM (adjustable-rate mortgage)