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Refinance Purchase Home Equity

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Will A Co-Signor Help Me Get A Better Mortgage Interest Rate?

By Stacy Williams

In the past, many people were able to obtain a mortgage, and a better mortgage interest rate, with the use of a co-signer. Today, the use of a co-signer has dropped dramatically because of the ownership implications. Most mortgage companies placed the co-signor as a part owner of the home. As human nature will have it, this can lead to situations that are not too good down the line. The practice has all but diminished. However, many mortgage companies will allow you to add your spouse/partner to the mortgage and this will effectively raise your credit score and allow you to get a better mortgage interest rate.

Are There Other Ways To Get A Better Mortgage Rate?

You can get a better mortgage interest rate by trying to clean up your credit before you apply for a mortgage. To do this you must get a copy of each of your credit reports and review it for errors. Once you have disputed any mistakes, the removal of these errors will increase your score. Another thing to try is to not apply for any credit for at least two months before a mortgage application and do not make any late payments during that same period. All these tricks will help you get a better mortgage rate.

Will Shopping Around Help Me Get A Better Mortgage Interest Rate?

You must definitely shop around to get a better mortgage rate. Sometimes this is the only way to find a great rate. You should check a minimum of 3 lenders before committing to any type of loan program. Don’t forget to look at alternative lenders during your search. Online banks, credit unions and private mortgage lenders all offer very competitive rates, and often have easier qualifications than a typical bank.

Related posts:

1. How Are Mortgage Interest Rates And Credit Scores Related?
2. How Does My Credit Score Impact My Ability To Get A Mortgage Loan?
3. Can I Get A Good Mortgage Interest Rate With A Bad Credit Score?
4. How Can I Fix My Bad Credit To Ensure I Can Get A Mortgage Loan?
5. Can I Take Advantage Of Low Mortgage Interest Rates With Bad Credit?