7 ‘Moneyball’ Approaches to a Lower Home Mortgage Rate

lower home mortgageGetting a lower home mortgage rate is a numbers game worth playing, according to Realtor.com. Their chief economist, Jonathan Smoke, explains why house hunters should take the Moneyball approach to scoring a lower home mortgage rate. Not only does the interest you pay on your mortgage impact your monthly payment, but the rate ultimately determines how much house you can afford. Smoke says there are seven data-driven metrics you should pay attention to in order to get the most competitive rate. What are the top three? For starters, you should work to boost your FICO score to 750 or higher. Next, your debt-to-income ratio should be 35 percent or less. Third, you should have enough savings to put at least 10 percent down.

For the entire list of metrics, read the entire article.

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