Mortgage Rates Fluctuate - How to Compare Options and Qualify for the Best Loan

Mortgage rates change frequently, so it's important to check current rates before applying for a loan and to compare rates across multiple lenders.

Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the type of mortgage you qualify for.

It's essential to compare mortgage rates by getting multiple loan estimates, becoming pre-approved, and weighing pros and cons of fixed- vs adjustable-rate mortgages.

To qualify for a mortgage, you’ll likely need steady income and employment, assets to cover fees, a credit score over 580, and the ability to make a down payment.

Refinancing lets you get a new mortgage loan to lock in a lower rate, shorten your repayment term, remove private mortgage insurance, or access home equity.