Worried About Mortgage Rates? Control the Controllables

Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.

The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.

That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables.

And when it comes to rates, here’s what you can influence to make your moving plans a reality.

Your Credit Score

Credit scores can play a big role in your mortgage rate. As an article from CNET explains:

You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a loan and at what interest rate. A higher credit score can help you secure a lower interest rate, maybe even better than the average.”

That’s why it’s even more important to maintain a good credit score right now. With rates where they are, you want to do what you can to get the best rate possible. If you want to focus on improving your score, your trusted loan officer can give you expert advice to help.

Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your team of real estate professionals, make sure you find out what’s available for your situation and which types of loans you may qualify for.

Your Loan Term

Another factor to consider is the term of your loan. Just like with loan types, you have options. Freddie Mac says:

When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Depending on your situation, the length of your loan can also change your mortgage rate.

Bottom Line

Remember, you can’t control what happens in the broader economy. But you can control the controllables.

Work with a trusted lender to go over the things you can do that’ll make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can.

73 Properties
Page 1 of 7
Open 7/21
17594 Vellum CIRCLE Punta Gorda,  FL 33955
$549,900
Neighborhood: Punta Gorda Isles Sec 21
3
Beds
2F21/2
Baths
2,223
Sq.Ft.
2023
Year Built
6
Days on Site
C7494811
MLS
$974,900
Neighborhood: South Bayview Estates
3
Beds
2F11/2
Baths
2,699
Sq.Ft.
2002
Year Built
8
Days on Site
C7495222
MLS
$2,100,000
Neighborhood: Venezia Park Rep
4
Beds
4
Baths
4,570
Sq.Ft.
1958
Year Built
8
Days on Site
N6133767
MLS
$529,900
Neighborhood: Port Charlotte Sub 22
4
Beds
3
Baths
2,549
Sq.Ft.
1995
Year Built
9
Days on Site
C7495103
MLS
$525,000
Neighborhood: Hrbr Heights
2
Beds
2
Baths
1,156
Sq.Ft.
1977
Year Built
10
Days on Site
C7495029
MLS
Open 7/20
1583 Hyssop LOOP North Port,  FL 34289
$540,000
Neighborhood: Cypress Falls
3
Beds
2
Baths
1,997
Sq.Ft.
2019
Year Built
13
Days on Site
C7494406
MLS
$520,000
Neighborhood: Gran Paradiso Ph 1
4
Beds
3
Baths
2,025
Sq.Ft.
2014
Year Built
16
Days on Site
C7494672
MLS
$725,000
Neighborhood: Lido Towers
2
Beds
2F11/2
Baths
1,367
Sq.Ft.
1980
Year Built
16
Days on Site
C7494344
MLS
$500,000
Neighborhood: North Port Charlotte Country Club
3
Beds
2
Baths
1,788
Sq.Ft.
1993
Year Built
17
Days on Site
C7494821
MLS
$1,200,000
Neighborhood: Punta Gorda Isles Sec 12
3
Beds
2
Baths
2,180
Sq.Ft.
2014
Year Built
18
Days on Site
C7494377
MLS
$599,900
Neighborhood: Golden Gate Un 02
4
Beds
3
Baths
2,513
Sq.Ft.
2002
Year Built
24
Days on Site
D6137110
MLS
Open 7/20
27072 Ecuador Dr Punta Gorda,  FL 33983
$553,900
Neighborhood: Punta Gorda Isles Sec 20
3
Beds
3
Baths
2,120
Sq.Ft.
1990
Year Built
29
Days on Site
C7494304
MLS

Post a Comment