May 21, 2013

When looking for mortgage rates in Columbia, MO, most people want to know about how to get the best rates for their new homes and condos.  Columbia, MO home seekers should consider the following list of tips for finding the best mortgage rates.

Meet with a mortgage lender early in the process. It’s important to understand your financial records and credit reports long before you start looking for a house.

This process of working with a lender can help to uncover things in your current credit reports that will cause your problems down the road, or cause you to get a needlessly higher interest rate. Little things that come up frequently are things like:

  • A store credit card that has a past due balance on it
  • A small amount that went to collections
  • Somebody else’s credit incident that has appeared on your credit record

It is best to work with a lender early in the process.  They can provide guidance in clearing these things up before you apply for a loan, which can help to avoid a higher interest rate.

Working with a lender months before you need a mortgage is also a great way to set expectations about what you can afford and what different mortgage rates can do to your monthly payment. A lender can run through different scenarios about the lengths of the loan and the kinds of interest rate that can be applied to mortgages.

Another advantage of work with a lender early is that you can understand what the current mortgage rates are and how they might change over the next few months. Using this information to time your purchase can easily change how much you wind up paying for a mortgage.

We’d like to help you with your mortgage calculations in Columbia, MO and surrounding areas. We help people with buying homes every day. Please contact us if we can be of any service. As the oldest independent community bank in Missouri, The Callaway Bank combines old-fashioned values like fairness, integrity, honesty and respect with modern banking products and services. Our customers have been our greatest assets since 1857.

The Callaway Bank is an equal housing lender.