It’s a question everyone wants the answer to – ‘will mortgage interest rates in Colorado change soon?’
Unless you have a Magic 8 ball or the ability to predict the future, no one can tell you for sure. Yes, rates change often and there’s a chance they may go up, but there’s also a chance they could stay right where they are at.
The bigger question is when is the right time for you to take out a mortgage? Interest rates will fluctuate, but when you have the right qualifying factors, you can get the best rates available and not have to worry if rates are climbing.
How you can Control your Mortgage Interest Rates in Colorado
Here’s something most people don’t realize.
You have control over the interest rate lenders charge you. No, you can’t tell them what rate you want, but you can control your qualifying factors, which control the rate lenders offer you.
Here’s what you should do.
Have Good Credit
You don’t need perfect credit, but good credit is always best. Pay your bills on time, use your credit responsibly, don’t have over 30% of your credit line outstanding at one time, and watch how many inquiries you have.
The better you treat your credit, the higher your chances are of securing the lowest mortgage interest rates in Colorado.
Keep your Debts Down
Your debt-to-income ratio is a big part of your loan’s riskiness. If you have a lot of debt, it’s harder to pay your mortgage on time or keep up with it. Lenders adjust for that, giving you a higher interest rate.
Before you apply for a mortgage, make sure you have your credit cards paid off and keep any loans to a minimum. This will give you a better chance at securing a higher loan amount and/or getting a lower interest rate on your loan.
Keep your Income Stable
Stability is the key to securing the best interest rates in Colorado. Lenders like stability when looking at your employment. This doesn’t mean you have to stay at the same job indefinitely. But it does mean you should show consistency.
If you change jobs, keep them within the same industry. Bonus points if you earn more money at the new job too. Just avoid starting a brand new job in a new industry and six months later applying for a new mortgage. This is risky for lenders and turns into a higher interest rate.
When you ask if mortgage rates in Colorado will change soon, focus on your qualifying factors and how you can get the best rate. Lenders can get you the rates you deserve, even if their starting point is somewhat higher than what you wanted.
It all comes down to what you present lenders with and how risky you look. If you wonder what rates you’ll get or how you can get the lowest interest rates available in Colorado, contact me today. I’ll walk you through the process and show you how to get the lowest rates available today.