Financing in Houston>Question Details

Trulia Houst…, Other/Just Looking in Houston, TX

What can a first-time homebuyer do to secure the best interest rate on their loan?

Asked by Trulia Houston, Houston, TX Wed Apr 10, 2013

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Interest rates are based on 1. Borrower and 2. Lender That seems obvious, but really your best solution is to have the best credit score that you can achieve and then shop for your loan. Don't be afraid to ask questions - you are the customer and it is YOUR money and investment. I am a Realtor® with a mortgage license and can help you if you call.

Arnold Richie, Realtor®
Terry Burnaman Realtors
0 votes Thank Flag Link Thu Apr 11, 2013
all homebuyers secure interest rates that correspond to their credit scores , employment, and down payment. I have several lenders on my team that will be happy to help you obtain the lowest rate possible for your given circumstances

Cathy Kinney
Remax Vintage
713 823 5896 cell/text
0 votes Thank Flag Link Wed Apr 10, 2013
I would shop a few lenders and programs, then go from there.

I would purchase the mortgage credit report from the first lender and shop a few others with it so they can quote you a rate and they won't be pulling your credit every time.

Anna Maria Durr, NMLS 266699
Codemark Financial
2626 Richmond Ave., Houston,Texas 77098
0 votes Thank Flag Link Wed Apr 10, 2013
Gee Tom, for someone that opposes Trulia SPAM you sure have a HUGE signature with your contact information on your posts.

Exhibit A:…
0 votes Thank Flag Link Wed Apr 10, 2013
Well maybe you should just answer the question without expectation of reward like others do. Not sure what you mean by nameless and faceless. I have all my contact information and I believe clients are smart enough to know how to find it without multiple lines of useless SPAM. What I look like is irrelevant to my qualifications. I separate myself from those who believe consumers are stupid and cannot click a profile. You should try it!
Flag Wed Apr 10, 2013
Don't confuse my contact info as spam......
The consumer SHOULD know who answered their question.
As opposed to the typical nameless/faceless person who says 'call me'
I separate myself from that crowd on purpose Gregorio
Flag Wed Apr 10, 2013
Have good credit, required down payment and show your ability to make the payment.
0 votes Thank Flag Link Wed Apr 10, 2013
The main factor for a first time home buyer securing the best interest rate is your credit score. Higher the credit score, lower the interest rate (regardless of down payment). In order to obtain the lowest market interest rates, it is ideal to have a credit score of 720 or above. That being said, that is not a requirement. You can still have a credit score in the 600 range and obtain a slightly higher interest rate. A buyer that I am currently representing just locked in at 4% with a mid range credit score of 665.

You must also have steady income and low debt to income ratios. While you must have steady income, the income amount has more to do with the amount of the loan rather then the interest rates.

Out of all of the Buyers that I represent, first time home buyers are by far my favorites! Here is some information on my website I published for first time home buyers:…

Hopefully the information provided in this link will answer a few of your questions. Don't hesitate to call me at (832) 594-1265 or email me at if you have any further questions or need recommendations for a lender.

Best of luck!
0 votes Thank Flag Link Wed Apr 10, 2013
You can definitely shop loans like anything else. You do not want to do it with more than 4 companies though because it could start to effect your credit. Once you find the best rate go ahead and lock it in because rates change all the time. I have a few different lenders that I work with and would be happy to get you their information. Please contact me for more details.
0 votes Thank Flag Link Wed Apr 10, 2013
Have good credit and make a large down payment.
0 votes Thank Flag Link Wed Apr 10, 2013
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