How to Shop for Mortgage
Interest Rates
Mortgage interest rates vary depending on the
characteristics of your special circumstances. In order to
shop for the best deal you can find, you must be in a position
to compare what you are offered in a logical manner.
On a Sheet of paper make a table with say 4 columns and write
the name of the fist lender that you are calling at
the top of the first column, the second one at the top of the
second column and so forth.
On another sheet of paper
write all the particulars of what you are looking for on separate lines. For example
the type; fixed or adjustable and if adjustable
what kind, the dollar amount, whether stated
income or fully documented, cash out refinance or rate and
term refinance or purchase, your credit score and last but not
least whether
owner occupied or not.
Every factor listed above has an effect on mortgage interest rates, so
don't leave anything out.
At first glance this may seam like getting carried away, but
the reality is that when shopping it is easy to leave one or
two factors out that may very well
make your comparison of mortgage rates useless.
Call the first lender, go over exactly what it is you
are looking for and then ask for their lowest mortgage
interest rates
and fees. Now get
the table that you have prepared and ask for all the closing
costs associated with that program and start writing them
down in the first column. When calling the next 3 lenders or
so and ask about their closing mortgage interest rates and
closing costs in the same order that the
first one stated and then ask if you have left anything out.
This way you will end up with a complete list that actually
compares apples with apples in your quest to get
one of the lowest
mortgage interest rates available.
For a side
by side comparison of what you are offered go to
mortgage
interest rates comparison page.
The hottest program in the real estate industry now is the
Interest Only Mortgage,
It may
offer a lower monthly payments, but is it for you? |
