Securing Your Best Mortgage Rate in Indianapolis
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What drives these fluctuations? Fed Reserve, Inflation, Economic Growth and Employment Rates, Financial Markets, Political Events, Global Events and Government all play a factor in rates being determined.
How are buyers getting their best rate? Make sure your credit score is the highest you can achieve, if building, see if there are builder incentives, do not open new tradelines once you have determined you are in the market to purchase a home. Ask your lender if a rent reporting service could help your score?
Ask you lender the cost of buying your rate down, especially if you plan on staying in your home longer than the average homeowner. Potentially a quarter of buyers who secured a rate under 5% in the past year bought points in order to do so. Always consider the break even point when considering points to make sure this is worth it to you.
As we see more inventory come on the market, consider checking with your builder about special financing deals, or consider asking your agent to negotiate with the seller's Realtor on concessions so you can obtain the best rate and term for you and your specific needs.
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