Friday, January 6, 2023 / by Michael Szakos
Tips to Securing the Best Financing Rates When Buying a Home
3 Steps to Securing the Best Financing Rates When Buying a Home
As a homebuyer, it's natural to focus on the process of house hunting and finding your dream home. However, experience has shown that shopping for the best financing should actually be the first step you take. By following these tips, you can secure the best financing rates and get the most home for your money.
- Start early: Don't wait until you've found the perfect home to start thinking about financing. Begin the process long before you start looking at houses. This will give you time to compare rates from different lenders, understand your options, and make informed decisions.
- Shop around: Don't just go with the first lender you come across. Take the time to compare rates and terms from multiple lenders. Look at banks, credit unions, and online lenders to see what they have to offer. Don't be afraid to negotiate and ask for a better rate.
- Know your credit score: Your credit score plays a major role in determining the financing rates you'll be offered. Make sure you know your score and take steps to improve it if necessary. This could involve paying off debts, correcting errors on your credit report, or other actions.
By following these three steps, you can secure the best financing rates when buying a home. The new report "Best Financing: A 3-Point Plan" provides even more detailed information on where to go, what questions to ask, and how to manage the process to your advantage. Don't wait until you've found the perfect home to start thinking about financing – start early, shop around, and know your credit score to get the most home for your money.