Expert Realtors in Oak Park, IL

How to get the best interest rate — Want to save money on your next mortgage? This post is for YOU, friend! With interest rates on the rise, getting the best possible rate is even MORE important than ever — especially since it'll be tagging along for the next, say, 15 or 30 years. Remember, your interest rate depends on several things, like your credit score, the value of the home, and your debt load. So, if you want to save by locking in the best rate (yes, please!), here are three tips you can't afford to ignore: 1. Improve your credit score now. Get your free credit report from Annual Credit Report.com. Look it over for accuracy and figure out what you need to do to bump it higher, like paying down outstanding balances. 2. Shop around for lenders… and remember, compare the APR between lenders, not the interest rate itself! Why is that? The APR takes into account the lender fees that you pay upfront, so it’s more of an apples to apples comparison. 3. Boost your down payment. This may be a no-brainer, but the more you put down at the time of closing, the less you’ll pay on the loan. {Bonus tip: get creative! Those of us who’ve been in the business a while know some neat tricks, like negotiating interest rate buy downs, as a part of the offering process.} The truth is – it IS getting harder to save as rates are on the rise, but there are steps you can take today that will make a difference. I'm happy to help however I can.