5 Tips to get the lowest interest rate on your mortgagePosted: Updated:
PHOENIX -- Interest rates have dropped to an all-time low, but there are some things you need to know to take advantage of them.
Mortgage expert Dead Wegner sat down with 3TV's Scott Pasmore to explain.
1. The higher your FICO score, the lower your rate. A score of 780 generally will qualify you for the best rate.
2. The more money you can put down, the lower your interest rate will be.
3. Single family homes have lower rates than condos. Keep this in mind when home shopping.
4. When refinancing, you'll get a better rate if you do not increase the amount of your loan. If you do borrow more money -- to pay off bills or add a swimming pool, for example -- you'll pay a higher interest rate.
5. Government loan have the same rate no matter what, but they often have expensive mortgage insurance attached to them and it cannot be waived.