![]() Lenders look at your credit score to evaluate the risk you pose as a borrower. For instance, start by looking at your debt-to-income (DTI) ratio-aka your total monthly debts against your monthly earnings-to determine how much home you can afford. Before you fall in love with your dream home, you better make sure you can afford the monthly payments and other homeownership costs. Take stock of your financial situation.Here are some other ways you can improve your chances of getting the best deal: Even lowering your rate by a few basis points can save you money in the long run. For example, advanced preparation and meeting with multiple lenders can go a long way. Though lenders decide your mortgage rate, there are some proactive steps you can take to ensure the best rate possible. Freddie Mac: Forecasts the average 30-year mortgage rate to start at 6.6% in Q1 2023 and end up at 6.2% in Q4 2023.National Association of Realtors (NAR) senior economist and director of forecasting, Nadia Evangelou: “If inflation continues to slow down-and this is what we expect for 2023-mortgage rates may stabilize below 6% in 2023.".We expect that 30-year mortgage rates will end 2023 at 5.2%.” ![]()
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