Mortgage Rates Drop while Borrowers Should Compare Lenders for Best Deals
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Mortgage rates for 15- and 30-year fixed loans decreased 0.125 percentage points on November 10. Rates change frequently so compare lenders for the best deal.
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Many factors like your credit, income, and loan amount determine your personal mortgage rate. Pre-approval and rate locks can give you a better rate.
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Mortgage loans have pros like predictable payments, tax benefits, and building home equity. But they also have expensive fees, long terms, and potential rate hikes.
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To qualify, you'll need good credit, stable income, assets, a downpayment, and to know your debt-to-income ratio. Choose your loan type wisely too.
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Refinancing lets you get a new loan with hopefully better terms. You can lower your rate, payment, or loan length. Compare lenders and complete the application process.