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Building Community Blog

Shopping for your first home is an exciting experience. After all, it's really the first place you can call your own! While finding a house that you're really happy with is important, so is finding a good interest rate on that home mortgage. But if this is your first go-around, you may not be familiar with interest rates. How do you know what's considered a "good" interest rate if this is your first home mortgage?

We'd like to help you understand mortgage interest rates so that you can feel confident in your decision. Asking yourself these questions will help you determine whether or not you're receiving an interest rate that feels reasonable.

Whether you’re actively searching or simply thinking about starting to look for a home, you can put this time to good use by trying to improve your credit score before your first home mortgage application.

Just as borrowers with high credit scores tend to get lower mortgage interest rates, borrowers with low credit scores tend to get higher rates. If you fall into the low credit score category, you may be considered a “higher risk” borrower to lenders. The good news is that you have the power to change and improve your three-digit credit score over time.

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