When you are trying to buy a new house, or if you want to try to refinance the house you are currently living in, the current Home Loan Interest Rates are of significant interest to you. Before you spend a great deal of time trying to get a new loan that isn’t really much different than your old one, it can be really helpful if you do some research on the current interest rates. Additionally, it is wise to look into the current qualifications needed to get the very best interest rates so you can see if you will even qualify for what you want. Keep reading to learn more about Home Loan Interest Rates today.
The Ideal Borrowing Qualifications For Good Home Loan Rates
Most credit unions have similar qualifications for home loans. A credit union can usually find a loan that will fit nearly any individual, but people who have credit issues will naturally have to pay higher interest rates for their home loan. The people who are offered the very best home loan rates are generally those who have a high FICO score. This typically means a score of 720 at a minimum. Some credit unions view anyone with a FICO score of 700 or higher as having premium credit.
If you have a down payment in cash for your new home, that is another significant thing in your favor when it comes to qualifying for a new home loan or when refinancing. There are still occasionally offers to get a zero down payment home loan, but those are extremely rare, even for people who have perfect credit. Remember, putting a significant down payment on your new home means that your monthly payments will be considerably lower than they would be if you put nothing down.
If you have a good work history, that goes a long way towards helping you secure the best interest rates on a refinance or a new home loan. Usually, a lender wants to see a stable history of two to three years at your current employer. This speaks to your stability and ability to pay the loan back as agreed. If you want to learn more about the current interest rates, consider calling Pearl Harbor Federal Credit Union. They are a federal credit union that has a long history of helping their clients find the perfect deal for their home financing.
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