fbpx
Connect with us

Business

How Your Cell Phone Can Keep You from Getting the Lowest Mortgage Rate?

Mortgage rates fluctuate, so are mortgage rates low today? The answer to that question is “maybe.” The fact is, the fluctuations don’t mean much; mortgage rates are (for the most part) difficult to predict. Mortgage rates, along with other interest rates, are affected by many things, including the Federal Reserve and the economy. However, there are a few tricks consumers can use when trying to “shop” for the best mortgage rate – one of them is your cell phone. Read more.

Your Cell Phone Can Help You Get the Lowest Mortgage Rate

Mortgage rates are low right now, and that could make it a great time to refinance. Did you know that your credit score and credit history are used to determine your mortgage rate? That’s right. Your credit score and credit history are important to lenders, and your credit score may be one of the biggest factors in determining your interest rate. 

When you apply for a mortgage, the lender or mortgage broker will check your credit score. To get the lowest rate, you need to compare mortgage rates from several different lenders to get the lowest rate. You have to qualify for that mortgage. To get the lowest rate, you have to qualify for that mortgage. If you put down at least 20 percent or your credit score is over 720, then you will likely qualify for the best mortgage rates, but use a mortgage calculator to see just how low you can possibly go.

If your score is low, you may not qualify. But if you have an uncharged cell phone, you may be able to improve your score. One study found that getting a cell phone bill and paying off your cell phone bill in full each month without using a credit card. have significantly better credit than those who pay only a portion of the bill.

How Can Your Cell Phone Keep You from Getting Favorable Mortgage Rate?

Cell phones have had a tremendous impact on society. They are so ubiquitous, in fact, that sometimes we forget just how lucky we are to have them. Our phones let us talk to our loved ones, arrange meetings, get directions, and just about anything else we need. But is a cell phone the most important thing to consider when shopping for a mortgage?

Missed payments on credit cards, medical bills, and mortgages can cause your credit score to plummet. But what you may not know is that missed cell phone payments also have a negative impact on your credit score. While cell phone carriers are most likely not something you think about when shopping for a mortgage, they could be one of the reasons why you’re not getting the lowest rate. That’s because when lenders run your credit report, they look for recent activity. If you have a few late payments, missed payments, or collections accounts, this can cause your credit score to dip.

Even if you decide to pay off your cell phone bill every month, it does not guarantee that you will be able to get the lowest mortgage rate. More and more lenders are giving more weight to your credit score when determining your interest rate. The difference in interest rates between two borrowers with the exact same credit score is almost 10%, and the majority of that difference is because of late payments.

Lower Vs. Higher: Which Is Better When It Comes to Mortgage Rate?

If you’re looking to refinance your mortgage in Canada, you may be wondering what you should pay attention to when it comes to mortgage rates. Should you lower the mortgage rates to make it easier to refinance? Or should you look at rising mortgage rates to make it more expensive? The truth is mortgage rates tend to follow an inverted yield curve, so if you plan on refinancing using a variable rate mortgage, a declining interest rate may be a good probability.

Everyone is talking about mortgage rates these days. When shopping for a mortgage, most people are looking for the lowest rate possible, so naturally, many compare their mortgage rates against those of other lenders. However, while mortgage rates are important, they aren’t the only factor to consider. 

When you apply for a mortgage or auto loan, the lender will look at several different types of credit profiles. One of these profiles is your debt-to-income ratio, which is simply the total amount of your debt divided by your monthly income. A lower ratio is good for credit because it means you’re less likely to fall behind on your payments. A higher ratio is considered a red flag since it means you are more likely to take out another loan or credit card if yours is lost, stolen, or maxed out.

How Do You the Best Mortgage Interest Rate?

When it comes to buying a house, getting a mortgage and getting the best deal on mortgage rates can be one of the biggest challenges. Mortgage rates change daily, and mortgage interest rates can vary dramatically from lender to lender. So, how do you find the best interest rate for your specific scenario?

Here are some tips to help you get the best mortgage interest rate:

  • Get to know your credit score. It’s one of the first things lenders will look at and one of the most important factors they look at. A good credit score not only helps you qualify for a loan but can also give you access to better mortgage interest rates, auto, and personal loan rates, and insurance rates.
  • Make sure that your credit score is in good order. Lenders use credit scores to determine how much risk they’re taking by loaning you money. A poor credit score means you’re deemed a bad risk, so you’ll pay a higher interest rate and might face other obstacles, such as being charged more for insurance or denied a loan altogether.
  • Save as much as possible for your down payment. No matter how good your credit may be, lenders will still look at your down payment to determine your borrowing power. If your down payment is less than 20 percent, you’ll likely get charged a higher interest rate than someone with a 20 percent down payment. So, before you shop for a mortgage, save as much as possible for your down payment. And keep in mind that experts recommend putting down at least 20 percent since you’ll get a tax break for doing so.
  • Consider a shorter-term mortgage. Firstly, it’s important to understand that mortgage rates can vary wildly based on your current financial situation, your credit situation, and any number of other lending criteria. So, if you can qualify for a mortgage at a higher interest rate, it may be worth it to opt for a longer-term in order to lower your monthly payments. And shorter mortgage terms come with some risk, as they increase the total amount paid over the life of the loan. But if you have excellent credit, you’re in good shape financially and can afford to pay more each month. You may want to consider a shorter-term mortgage.

Also, use a mortgage calculator or a mortgage payment calculator to help you figure out how much house you can afford to pay for. Homes listed for sale generally sell for 10% of their original purchase price. If you own your home free and clear, you can take closing costs and new construction fees into account when determining how much house you can afford.

Darren is a passionate writer on a collection of subjects. Attaining his Masters in English literature in 2016, Darren has continued to write on a daily basis ever since.

Advertisement defi

Join Disrupt Magazine

defi
Become A Disrupt Contributor

Most Disruptive

Real Estate Disruptors3 days ago

From Nothing To The Top 7% Percent In Real Estate With Joe And Lety Torres

What’s your backstory?    (Lety) We both have parents who immigrated to the US from Mexico. We were fortunate to...

Social Media1 week ago

Khaby Lame Becomes The Most Followed TikToker in The World

Khabane Lame was a machine operator but now trending and just became a star from an account he created on...

Tiger_Shroff Tiger_Shroff
Entertainment1 week ago

Meet Bollywood Star Tiger Shroff

Tiger Shroff has a long history in the film industry, starting before his birth. With prominent parents in the industry...

Amanda Bernardo Amanda Bernardo
Women Who Disrupt1 week ago

Meet “The Pizza Princess” Amanda Bernardo

If you live in or near New Haven, Connecticut, you may be familiar with the hidden gem that is “New...

Shirley_Setia Shirley_Setia
Women Who Disrupt1 week ago

Meet Upcoming Bollywood Star Shirley Setia

Shirley Setia is the little Kiwi that could. Coming out of seemingly nowhere with a hit cover on YouTube, she...

two people shaking hands two people shaking hands
Diversity in Tech2 weeks ago

How the Best Leaders Create and Build Trust in a Modern Workplace

Being a leader in any setting can be challenging but within professional settings, you really are juggling a lot at...

Jay Majors Jay Majors
Executive Voice3 weeks ago

How Jay Majors Is Disrupting The Barber Industry

When we see a successful figure in any industry, learning their story, where they came from, and how they’ve struggled...

Daymond JOhn Daymond JOhn
Executive Voice3 weeks ago

Daymond John Can’t be Stopped

Perhaps you know Daymond John from the wildly popular show Shark Tank. Or maybe you’re familiar with his revolutionary clothing...

Finance4 weeks ago

Ryan Carroll Establishes Wealth Assistants to Serve as a Launching Pad for Hopefuls Worldwide

Countless highly accomplished personalities and established authorities have proven that the pursuit of one’s passion can be a way to...

Business1 month ago

Social Media Star, TheBlondeJon’s Journey from Homelessness to Multimillionaire Status

A strong self-belief in oneself is a powerful enabler no matter the obstacles or challenges one faces on a journey....

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.