How to Get a Mortgage Rate in the 3% Range
Qualifying for a Great Interest Rate Depends on Several Factors
According to the New York Times and the National Association of Realtors, 30 year fixed-rate mortgages have some of the lowest rates available right now, in the 3% range. But you must qualify by having a credit score of 740 or better, a down payment of 25% or more, and be looking to finance a single family home. If your credit score is lower, you may still qualify for a low mortgage rate depending on the amount of financing that you need (if you have more cash to put down than someone with a better credit score). When you apply for a mortgage, be prepared to have to document every source of income that you have received. Lenders will check your income and employment history, credit score, liquid assets, type of property (multifamily versus single family home), down payment amount, property value, and how much money you will have after closing.