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4 Tips On Snagging a Lower Interest Rate Mortgage

A common and unfavorable theme for homeowners is a high interest rate mortgage. Mortgage rates fluctuate, so it’s easy to end up with a high rate, but you don’t have to stay stuck in one. Launch’s Real Estate Business Development VP, Jennifer Weis, says now is a great time to refinance because mortgage rates are at an all-time low. We’ve outlined a few steps on how to┬ásnag a lower interest rate mortgage.

1. Improve Your Credit Score

Always work on raising your credit score. This will improve your chances of obtaining a lower rate.

A computer screen showing what a good credit score for a low interest rate mortgage looks like.

2. Don’t Apply For New Credit

Applying for new credit, such as credit cards and personal loans, can increase the chance of a higher mortgage rate when refinancing.

A stack of credits sitting on a grey table showing not to apply for more credit.

3. Don’t Change Jobs

Job stability is important because employment verification is required for the refinancing process. Launch requires 2 years employment history.

a man and woman shaking hands completing a job interview.

4. Don’t Co-Sign on a Loan

It’s important not to co-sign for anyone’s loan, including car, personal, and school loans. Don’t forget this includes co-signing for a family member’s lease.

Two people signing a loan document.

These tips will start you on the right path to snag a lower interest rate mortgage. If you’ve checked these tips off your list and you’re ready to refinance, let Launch help. Here at Launch, we don’t sell of your loans, we will always service your loans. Another great benefit to refinancing with Launch is being able to visit any of our branches and receive on the spot help regarding your mortgage. You’ll talk with a Member Service representative then be connected with a home loan specialist who can make sure you’re fitted with the right loan. Launch will be with you every step of the way.

You can apply online or stop into one of our Launch branches to talk with a Launch Member Service Representative about the mortgage refinancing process.

Click HERE For Mortgage Tips for a Smooth Purchase or Refinance.

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