Current Mortgage Rates For New Home Purchases
We offer a look at current mortgage rates for those who are shopping for new homes. If you’re looking to make a new home purchase, you’re not just searching for the right home for you, but also seeking the best mortgage loan that fits your financial picture. Make sure you perform comparisons across various lenders as they may extend vastly different offers to you. Having a good credit score should assist you with getting the most affordable rates available.
To use the table below, enter your state (where you will be located), the loan amount and the type of loan you are interested in:
Get A Free Credit and Debt Analysis
In addition to these mortgage loan offers, we'd like to point you towards great resources that may help facilitate your financing efforts. One popular resource that we recommend here is a site called Credit Sesame. When you sign up with them, you'll get access to your credit score information for free. You'll also get a great picture of your debt burden and your loan information, also for free. And with the profile you provide Credit Sesame, they aim to be able to help you prequalify for mortgage loans and real estate financing.
Opening an account with Credit Sesame will provide you transparency over your debt picture, which can, in turn, give you a much better handle on whether you can afford a home purchase.
How To Find The Best Mortgage Loan For A New Home Purchase
There are a lot of mortgage loans available out there from various sources, so it's always good to shop around, as you would any other big ticket item. A mortgage is the single largest loan you're probably going to make in your lifetime. Here are a few tips on how to take on the process of obtaining the loan that will work best for your needs:
- Know the difference between a mortgage lender and a mortgage broker. You can pick up a loan from either company, but a broker won't be lending you money. Instead, they'll find a lender who will.
- Contact various lenders and get quotes for various types of mortgages. You may want to consider contacting banks, credit unions, thrift institutions or mortgage brokers or companies.
- Find out the costs and fees that could be involved in the transactions you enter for your home purchase. A broker may have a separate fee for finding the lender you decide to work with. The costs also include the following: interest rates, points, fees, private mortgage insurance. Also find out what kind of down payment will be suitable.
- Try to get the best deal for the loan you are shopping for. Negotiate if need be. See if you can waive or lower any of the fees involved. Perhaps a lower rate can be achieved if you've got great credit. What about fewer points?
- Watch out for how fees and points are applied: for instance, your costs may be lowered somewhere, but a lender may raise it in another area.
- Find out if you can improve on an earlier quote that you are offered. Ask questions.
- Ask for a written lock-in for any terms you've worked out with your broker or lender. Make sure you are clear on the interest rate, length of time of the lock-in and points that you will be charged. There could be a refundable lock-in fee involved. This works to your advantage when rates are rising.
- Be aware that mortgage loan rates and points are always in flux and can change on a daily basis.