If you're going to tap into your home's equity this August, use these strategies to secure the best rate.
Over the last several years, the unusual housing market landscape has resulted in a fair share of hurdles for potential homebuyers. Not only are today's mortgage rates over twice as high as they were in 2020 and 2021, making it significantly more expensive to buy a home, but a lack of for-sale inventory continues to plague many markets nationwide.Homeowners, on the other hand, have reaped the benefits of the recent housing market shifts — especially in terms of home equity.
For example, your credit score plays a pivotal role in determining the interest rate you'll be offered. Lenders view borrowers with higher credit scores as less risky, often rewarding them with lower interest rates. To improve your credit score:Pay down existing debtsMake all payments on timeKeep credit card balances lowAvoid applying for new creditCheck your credit report for errors and dispute any inaccuraciesYour debt-to-income ratio is another crucial factor lenders consider.
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