Mortgage Rate Tips and Tricks

May 9, 2015
3 min. read time

If you’ve read some of our earlier articles you already know that getting a decent mortgage rate is simple. Any loan officer can slap down a number and make you think you’re getting the best rate, but how do you really know that you’ve got the best mortgage rate around? The truth is, with only common mortgage knowledge, you won’t. You need to know exactly what lenders are looking for. Luckily for you, the wonderful people here at Valley West Mortgage have comprised this promising little cheat sheet for you, because let’s face it, our customers are always on our minds.

Let’s Begin with Mortgage Rate Basics

Shopping for a new home is almost like shopping for a new car, you’ve got to compare the prices. But wouldn’t it be great if you didn’t have to be the one to compare them? A great mortgage rate can only be found by the most skilled professionals, those who know the business and speak the language. You could call in to Valley West Mortgage today and know that you would be presented with the best rates our Loan Officers can find. Your Loan Officer will also speak to you about down payments. About twenty percent of your total loan amount is money that you will use to put down on your house and to get a better mortgage rate.

Another factor that you need to look at, one that can be vital to the mortgage rate you will qualify for, is your credit score. Rob Berger, a contributor to Forbes’ online magazine, says “According to, the best mortgage rates are available to borrowers who have credit scores of 760 or above. As your score goes lower, your interest rate goes up. The lowest score needed to qualify for a mortgage is 620. At today’s mortgage rates, however, a score of 620 will qualify for a rate of 5.022%, while those with a score of 760 or higher will enjoy a lower rate of about 3.433%”. Monitor your credit ladies and gentlemen, and be sure to fix any blemishes that could negatively affect your qualifying rate.

Now Let’s Explore Some other Mortgage Rate Ideas

Monitoring your credit, also means monitoring your Debt to Income ratio. Your debt to income ratio allows lenders to look over your spending and make sure that if and when they lend you the money for your home, you will be able to pay the loan back in a set amount of installments. Lenders also want to see a steady flow of income and that means having a steady job. In the mortgage business, a steady job is employment that has been carried out at the same location for a minimum of two years. A steady job translates to a steady flow of finances.

In a nutshell, it takes a little bit of know-how and a lot of preparation to put yourself in line for the best mortgage rates. Once you’ve organized your finances, found a fantastic lender, and have read over these tips, we have confidence that you’ll do just fine.





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