How to Get the Lowest Mortgage Interest Rate | Insider Tips to Save Big

How to Get the Lowest Mortgage Interest Rate | Insider Tips to Save Big Struggling with high mortgage rates? In this video, Patrick “Kevin” Fagan, The Mortgage Patriot, explains how mortgage rates are priced and practical ways buyers may qualify for a lower rate and reduce the total cost of a mortgage. 📘 Download the free 169-page First-Time Homebuyer Roadmap: https://themortgagepatriot.com/first-... 🎓 Register for the free first-time homebuyer webinar: https://webinar.themortgagepatriot.com/ 📌 WHAT YOU’LL LEARN: ✅ How credit scores affect mortgage pricing ✅ Why loan type matters when comparing rates ✅ How discount points and rate buydowns work ✅ How lender credits affect rate and closing costs ✅ Why APR and lender fees matter ✅ When it may make sense to lock your rate ✅ How to compare loan offers ✅ Why down payment and property type can affect pricing WHAT DETERMINES YOUR MORTGAGE INTEREST RATE? Mortgage pricing can be influenced by: • Credit score and credit profile • Loan program • Down payment or loan-to-value ratio • Property type and occupancy • Loan amount and term • Discount points or lender credits • Market conditions when you lock Two borrowers buying similarly priced homes can receive different pricing because their loan profiles are different. HOW CAN YOU QUALIFY FOR A LOWER MORTGAGE RATE? One of the biggest factors you can control is your credit profile. Before applying, review your credit, make payments on time, keep revolving balances manageable, and avoid unnecessary new debt. SHOULD YOU SHOP MORTGAGE RATES? Yes — but compare more than the headline interest rate. Review: • Interest rate • APR • Discount points • Lender fees and credits • Monthly payment • Cash-to-close A lender advertising a lower rate may be charging more upfront to obtain it. Compare similar loan structures on the same day whenever possible because mortgage pricing can change. WHAT ARE MORTGAGE DISCOUNT POINTS? Discount points are upfront fees paid in exchange for a lower mortgage interest rate. Paying points can make sense in some situations, especially if you expect to keep the mortgage long enough to recover the upfront cost through monthly savings. Calculate the break-even period first. WHAT IS A MORTGAGE RATE BUYDOWN? A permanent buydown uses upfront funds to reduce the note rate. A temporary buydown, such as a 2-1 buydown, temporarily reduces the borrower’s payment during the early years while the underlying note rate remains unchanged. Depending on the transaction and loan program, seller concessions or builder incentives may sometimes help fund eligible buydown costs. ARE LENDER CREDITS WORTH IT? Lender credits can reduce upfront closing costs in exchange for a higher interest rate. That may make sense for a buyer who wants to preserve cash, but compare it with the long-term cost of the higher payment. WHEN SHOULD YOU LOCK YOUR MORTGAGE RATE? A rate lock can protect approved mortgage pricing for a set period while you move toward closing. Lock periods, costs, extensions, and float-down options vary by lender, so understand the terms before locking. LOWEST RATE VS LOWEST TOTAL COST The best mortgage is not automatically the loan with the lowest rate. A smart comparison considers: • Monthly payment • Cash-to-close • Points and fees • Expected time in the home • Break-even period • Total financing cost COMMON QUESTIONS THIS VIDEO ANSWERS: How do I get the lowest mortgage rate? What credit score gets the best mortgage rate? Should I pay points to lower my interest rate? Should I shop multiple mortgage lenders? Are mortgage rate buydowns worth it? When should I lock my mortgage rate? MORTGAGE RATES FOR TEXAS HOMEBUYERS If you're buying in San Antonio, Bexar County, New Braunfels, Bulverde, Spring Branch, Boerne, Schertz, Cibolo, Helotes, Timberwood Park, or the surrounding Texas Hill Country, compare the entire monthly housing payment — not just the mortgage rate. Texas property taxes, homeowners insurance, HOA dues, mortgage insurance, and loan structure can significantly affect affordability. 📅 Book a Mortgage Consultation: https://calendly.com/pkfaganappointme... 🌐 Visit our website: https://themortgagepatriot.com/ 📲 Text Patrick: (210) 317-6514 📧 Email: pfagan@nexamortgage.com Patrick Kevin Fagan | The Mortgage Patriot Senior Mortgage Loan Officer + Texas REALTOR® Greater San Antonio & Texas Hill Country NMLS #877741 | TX Real Estate License #454749 Mortgage rates, APR, points, lender credits, loan programs, qualification requirements, and closing costs vary by borrower, lender, property, market conditions, and lock date. Educational content only. #MortgageRates #LowestMortgageRate #MortgageTips #FirstTimeHomeBuyer #HomeLoan #MortgageInterestRate #RateBuydown #DiscountPoints #MortgageAPR #HomeBuyingTips #TexasHomeBuyer #SanAntonioMortgage #SanAntonioRealEstate #TexasRealEstate #TexasHillCountry