This protects you from market spikes while you finish your paperwork. 3. Improve Your Credit Pay down credit card balances before applying.
You can "buy down" your rate by paying upfront fees (discount points) at closing. How to Get the Best Rate Possible 1. Shop Multiple Lenders Get at least three quotes.
Lenders prefer a DTI below 36% for the best terms.
Once you find a rate you like, "lock" it in with your lender.
Finding the "best" interest rate is less about a single magic number and more about how a rate fits your specific financial puzzle.
15-year mortgages have lower rates than 30-year mortgages but higher monthly payments.