How can get the interest rate lower when buying a home?

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I know the a lot of the houses in the US have gone done in price and so are the interest rates. Is there anything you can do to lower the interest that the mortgage companies quote you when you buy a house. Is there any trick or question to ask? Or any hidden closure. I am a veteran but it seems like that does not affect for the interest rate. You know at the long run of your loan this is what is going to kill you. Any ideas…

5 Comments
  1. Reply
    MadMan
    April 29, 2011 at 11:32 pm

    No. Your credit score drives your interest rate. Sometimes individual banks may have a promotion.

  2. Reply
    Iffy
    April 30, 2011 at 12:30 am

    Your credit score determines the rate you pay. So raise you score.

  3. Reply
    loanmasterone
    April 30, 2011 at 1:10 am

    The current interest rate for buyers with a good to excellent credit score is approximately 4.25 or perhaps a little lower.

    You may buy the interest rate down. Inquire of your mortgage loan officer the cost to you in order to buy down your rate. This might help in getting you to the rate you would want for your mortgage loan.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  4. Reply
    Beverly S
    April 30, 2011 at 1:12 am

    There is no “secret” just shop around. When people hear that the rate is say 4.25% that does not mean every lender charges every borrower that rate. Get 3 good faith estimates from 3 different lenders. Each one will be different. Also you can “buy down” which means paying 1% more at closing for a slightly better rate. Credit score is key, if you are over 740 you get the best rates. Good luck!

  5. Reply
    Rita Tiwari
    April 30, 2011 at 1:59 am

    Search online, you may get the best deal.

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