*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Interest rates are a tricky thing to maneuver. They change every day, and some borrowers don't qualify for the best rates that are available. Its frustrating to watch the ever-changing rate's, especially when the only direction they seem to be headed is up. How can you make sure that even with the current market situation, that you're qualifying for the best rates out there? What are some things borrowers are doing to not qualify?
1. Consumer Debt
Taking on lots of debt, especially when some of those debts are high cost debts, can hurt you when it comes to locking in an interest rate. Banks need to make sure that borrowers are responsible with their money, and lenders will look at a borrower's current debts to see how trustworthy they are.
2. Lack of, or overutilization of credit
Having a healthy amount of lines of credit is important when it comes to getting the best rates available. For the same reason that's listed above, it's important for banks to know how much they can trust each borrower, and the way they do that is through credit history. Using too little, or too much credit will affect the way you're viewed by those that lend to you.
3. Rate Prices Increase
Borrower's have an option to "buy down" their rate. Sometimes, it's not because a borrower can't qualify for a lower rate. Sometimes a borrower can't get the best rate available because it becomes too expensive. It's important to remember that even if you don't get the best rate at the time, there's always the opportunity to refinance when rates go down.
Contact me for more information on rates today, and lets see how low of a rate we can get you!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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