How to get the best interest rate in town

It’s time to get yourself the best interest rate in town with the lowest downpayment possible, and our good lender might also be a good idea. Let’s dove in. Everybody is trying to sell you on the best interest rate that they can do for you. But the best interest rate actually depends on only one person. A person only. And that’s you. So let me explain in the next 2 minutes why you are the determining factor for your interest rate and how that can help you position yourself for the best rate in town.

Hi, I’m Janine Sasso, local realtor and Schaumburg, Hoffman Estates, Barrington and the surrounding suburbs. And I’m here to explain some things and the real estate side for you today. When rates increase by 1%, your purchase power loses by 10%. How’s that for scary? Now, you might see we’re getting the best interest rate is in your best interest. So stay with me and I’m going to share with you some tips to set yourself up for success. Keep your credit score healthy and preferably above 740. This is the healthiest score to make sure that you are able to get a pretty good rate on your mortgage. Where you can accomplish this is by keeping your debt low and your bill payments on time.

Is he enough? Right. The myth of a 20% down payment that is needed to buy a home has long been debunked. However, in order for us to get the best interest rate in town, we are still needing a very healthy down payment now. What do you think that magic number is? You guessed it. It’s 20%. You can get an amazing interest rate with a great credit score, a healthy down payment. But what if I tell you that it could get even better than this? That’s right. This can get even better by simply adjusting the long term down to a smaller repayment calculation. So instead of a 30 year mortgage, maybe you want to do a 20 year. Interest rate. Will it be going down as well? There is a bonus tab for the ones under you that want to drop that interest rate even lower than low. And this one is heavily dependent on how long you are thinking you’re going to be in that home of yours.

If you’re looking more of a short term, maybe considering an arm adjustable rate mortgage loan might be a good option for you. Weigh the pros and cons, however, because if for whatever reason, plans derail and all of a sudden you’re there for the long term, an arm might not work out in your best interest. So look at that from another standpoint. In an arm, you have typically at the interest rate fixed for a certain number of years before it is adjusted to market rate, which can be whatever it is at that point. So you want to make sure you really have all your ducks in a row if this is the road you decide to take. I hope you found this helpful. Please remember to subscribe to our YouTube channel. And if you are wanting the notifications, ring that little bell. My name is Janine Sasso. I’m a local Schaumburg Hoffman Estates Barrington and surrounding suburb realtor right here in the Chicagoland market. And I look forward to helping you buying, selling, renting or investing in real estate

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