If you’ve already decided to buy a home and can’t afford to wait for a change in the market, your loan rate will largely depend on the market. If you have time to decide when to enter the mortgage market, research mortgage rate forecasts for the coming year. If rates are expected to go up you may want to apply quickly, if rates are going down you can wait.
Of course, your credit score will be another relatively fixed variable in your search for the best rate; if it is relatively low, you will pay a higher rate. So if you have time before you need to borrow, try credit repair through one of the more well-known credit repair companies. It usually takes a few months for them to make a difference, but the points they earn can save you significantly over the life of your loan.
It is common sense to shop around for the best mortgage rate and terms and negotiate with mortgage lenders until you are satisfied that you have been quoted the best available rate. So you can go through any expedited process you want, you have to set the best rate and terms before you get close to closing.
Mortgage companies can lock your interest rate once you apply and are approved, but if rates change too often, they may not offer you a rate lock opportunity.
As an appraiser myself and I understand how important your valuation is. If you have problems with the appraisal, the rest of the transaction may fall apart. Address valuation issues before worrying about loan commitments, if the property you want to finance isn’t appraising as high as expected, you may be wasting your time.
If you get a commitment of any kind from a mortgage company be sure to get a copy of it, some mortgage companies have resorted to screen signature documents that disappear once you have signed them electronically. The document you need can disappear when the mortgage lender no longer wants to honor it at closing, it has happened to me, so you better have a “silk-printed” copy before it disappears into the ozone.
Historically, the mortgage rate has ranged from 3.0% to 18.0% and right now, as of early 2018, the 30-year fixed mortgage rate is close to 4%. Therefore, we have current mortgage interest rates that are near the lower end of the mortgage interest rate range, and if you wait, there is no guarantee that they will remain low indefinitely.
If you take the time to ensure that the home you want to borrow will appraise close to your expectations, that you are in the best credit position to borrow, that you have shopped for the best rate/terms available, and have considered the timing, you will gain a lot. more for your money.