How to find the best mortgage rate in West Virginia for you
Shopping around for a mortgage is crucial. By comparing at least three offers, you could save thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal in today’s volatile rate environment. Here are some basic steps to securing a loan with favorable terms:
Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender and applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
Step 2: Determine your budget
Get a handle on how much house you can afford. One rule of thumb many buyers use to figure out their price range is the 28/36 rule. Keep in mind that a mortgage lender could qualify you for a loan over your budget, but that would leave no room for unexpected expenses.
Step 3: Know your mortgage options
There are different types of mortgages, including conventional loans with as little as 3 percent down and government-backed loans. If you’re in the market for a jumbo loan, check West Virginia’s county-by-county loan limits.
Step 4: Compare rates and terms from multiple lenders
Don’t settle on the first lender you talk to. Rate-shop with different lenders — banks, credit unions, online lenders and local independents — to ensure you’re getting the best deal on rates, fees and terms.
Step 5: Get preapproved for a mortgage
Get a mortgage preapproval with three or four different lenders. This’ll help you understand exactly what loan amount you’d qualify for if you were to apply, and prepare you to make offers on homes.