The First-Time Home Buyer’s Guide to Getting the Best Possible Mortgage Rate

Whether they’re found online or heard from family and friends, there are so many mortgage tips out there that it can be hard to know exactly how to proceed. But, if you’re new to the market, there are a few surefire things you can do to get a mortgage rate you’ll feel good about. For some of the best tips on getting a great loan, look no further than the following.

Know Your Credit History

It’s a simple fact that one of the most important factors in your mortgage application is your credit history, so good or fair, it’s important to be aware of where you stand. While the acceptable credit score for mortgage approval can fluctuate, the best rates are often available to those with a score that is higher than 760. In order to improve your chances, get a copy of your credit report and pay attention to any discrepancies that might be in it. These can have a negative impact on your score and your application, so you’ll want to have them revised if they’re incorrect.

Save Your Down Payment

It’s not a requirement of mortgage approval to put 20% down, but a down payment of this size will lower your debt-to-income ratio and will make you a more solid bet for the lender. By having 20% in the bank to go towards your home investment, you will also be able to qualify for a lower rate. Not only this, you will not be required to pay mortgage insurance which means a lowered monthly payment and a higher disposable income in the event of market fluctuations.

Consult With A Mortgage Professional

You may want to pursue a mortgage on your own, but having a professional to help you with the process can be beneficial for a number of reasons. A mortgage expert will not only be aware of market conditions, they will have a relationship with the lenders that means they may be able to get you a rate you wouldn’t be offered on your own. While you may want to go it alone, there are benefits to consulting a professional.

There’s a lot involved in the mortgage process, but by putting 20 percent down and having a good credit history, you’ll be well on your way to a great rate.

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25528 N 160 Lane Surprise, AZ 85387

$458,590

4 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6669076

Property Type Single Family Residence

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Brand new, energy-efficient home available by Mar 2024! Large great room and dining space. The kids can create their own play space in the included flex space. White cabinets with white granite countertops, modern gray tile flooring with greyish brown carpet in our Distinct package. Come tour our five brand-new models at Paloma Creek. Envision your next chapter by experiencing the exclusive amenities including a clubhouse, pool, and future fitness center. Pick from a variety of floorplans featuring walk-in closets and flex spaces. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

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8219 E Mcdonald Drive Scottsdale, AZ 85250

$458,500

2 Beds

2 Baths

1,248 SqFt

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MLS # 6641453

Property Type Townhouse

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Stunning full industrial modern townhome renovation! No expense spared on this one. Brand new kitchen with ceiling raised to 8'. Shower added to convert to 2 full bathrooms. Laundry moved upstairs. Polished concrete flooring on 1st floor with exposed CMU block wall. LED accent strip lighting throughout. WIFI light switches so you can control your lighting from your devices. The backyard was also updated. New wood fencing to create a warm ambiance, along with new cacti and rocks against a black accent wall. This home will not disappoint!

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20323 N 273rd Avenue Buckeye, AZ 85396

$458,400

2 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6668685

Property Type Single Family Residence

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Embrace Southwestern living in this luxurious turn-key 2-bed, 2-bath home. A custom landscaped courtyard welcomes you into a fully furnished retreat featuring an open floor plan, chef's kitchen with SS appliances, cabinets with rollout shelves, and a charming breakfast area. Flexibility is found in the office/den with French doors. Enjoy the convenience of an insulated 2-car garage and additional 3rd car garage. The primary suite boasts an en-suite bathroom w/dual sinks, a soaking tub and shower alongside a spacious walk-in closet. Custom interior and exterior features abound. Relax on the outdoor covered patio with a natural gas BBQ grill, creating the perfect space for entertaining. Your dream home is move-in ready plus a new HVAC & HW Heater!

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39302 N Kaden Lane San Tan Valley, AZ 85140

$458,018

2 Beds

2 Baths

1,645 SqFt

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MLS # 6692754

Property Type Single Family Residence

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Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6692754 May Completion! Explore the Kaibab floor plan within the vibrant 55+ community of Ovation at Meridian. This charming single-story design spans 1,645 sq. ft. and features 2 bedrooms, 2 bathrooms, and a 2-car garage. As part of the Adventure Series, it prioritizes privacy with distinct owner's suite and bedroom zones. Upon entry, you're greeted by a welcoming foyer leading to a generous kitchen and gathering space. An optional flex room adds versatility, ideal for a dining area or third bedroom. Perfect for individuals seeking seamless room-to-room privacy. Structural options include: upgraded square corners, 5' baseboards, backyard turf.

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