There is no way to control a number of the factors that impact mortgage rates in Chicago. From international events to employment reports, the best that you can do is just watch and be patient. Even if you get a low mortgage rate when you first purchase your home, there are always ways to push it down even further. Some tips that will help you get an even lower mortgage rate can be found here.
Add a Point to Your Credit Rating
Believe it or not, you can save thousands of dollars in your mortgage just by adding a point to your existing FICO score. This is due to the fact that the majority of non-government mortgage programs are priced according to a person?s credit rating, with 20-point tiers. For example, if you have a FICO rating of 679, then you are going to pay much more than if you have a score of 680.
Don?t Automatically Rule Out an Adjustable Mortgage
While the most popular home loans are 30 year fixed mortgages, they aren?t the only option available. If you don?t plan on keeping the property, or the mortgage for that matter, for more than just a few years, then you may be better off with an adjustable rate mortgage. These may provide you with pretty low mortgage rates in Chicago for a certain period of time. For example, the seven-year ARM is a mortgage that is fixed for seven yes and then adjusts based on the current market.
Even if you are already locked into low mortgage rates in Chicago, there is always room for improvement. With the tips here, you may be able to reduce what you pay even more.
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