Mortgage Rates Rise to Nearly 8%, Shop Around for Best Deals
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Mortgage rates are rising, with 30-year fixed rates now at 7.875% and 15-year fixed rates at 7.625%. Rates change daily so it's important to shop around.
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Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment, loan amount, and repayment term.
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Compare mortgage rates from multiple lenders to find the best deal. Get pre-approved and consider rate locks. Know the pros and cons.
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To qualify for a mortgage, you'll need good credit, steady income/employment, assets, and a down payment. Choose the right loan type and prepare for fees.
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To refinance, choose the type and compare lenders. Complete the application and provide documentation. Pay closing costs and sign final loan documents.