How To Get a Low Mortgage Rate

Fox Business Network’s Gerri Willis was just interviewed on ABC's Good Morning America regarding the record low mortgage rates that the industry is seeing lately. She noted that, despite homeowners looking to refinance and new homebuyers looking to buy, inventories are not moving and loans are not getting refinanced. She highlighted a few things you can do to make sure you are able to complete your transaction: • Take a look at your credit report/credit score beforehand: 740 is a key number • Pay down our credit card debt; keep credit card debt to 30% of income • Get your house appraised and try to renegotiate your loan with your existing lender • Try to lock in as low a rate as possible, even if its only 0.5% difference • Be prepared to make up the gap between appraised value and loan value