Low rates can give you tremendous cost-savings. One way to snag the best mortgage rates in Walla Walla is to learn all about the factors that affect your interest rate. Consider the following:


Inflation reduces the buying power of your dollars. That’s why lenders keep an eye on inflation rates, the Investopedia says. You should, too, if you plan on applying for a loan.

Credit score

While inflation is out of your control, your credit score isn’t. The basic rule is: the higher your credit score is, the lower the interest rates you’ll get. That’s why it helps to have an excellent credit score. You can get that by paying on time, clearing your debts and making sure you don’t have errors in your credit report.

Down payment

A lower rate means you pay less interest. The bigger your down payment for the home, the lower that rate will go, which could potentially save you thousands in costs. If you can put down about 20 percent of the down payment or even more, you can get an excellent rate.

Credit union

A lot of consumers think only banks provide financial services. However, if you’re after the best mortgage rates in Walla Walla, then don’t forget to switch to a credit union. These typically charge lower interest rates than banks, so you get to save.

Loan duration

One of the many details you need to check is the duration of the loan. Low monthly payments aren’t a guarantee that you’re saving on costs, not if the length of your loan well exceeds the average. That only means you’re paying for too much interest. Steer clear of those loans. Make sure you don’t fall for that trap.

Interest type

There are two types: fixed and adjustable. While interest rates are usually lower for loans with an adjustable rate over a fixed rate, that could change later.

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