Get The Best Mortgage Rates

2007-03-08 10:33:40

( Financial )



When looking for best mortgage rates available in the market, you should always do your research. You should begin by checking out the current market interest rates and rate movement patterns. Bear in mind that mortgage rates rise and fall along with securities on Wall Street. So interest rates and stock basically rise and fall at the same time. By recognizing various economic indicators and keeping an eye out for market trends when it comes to mortgage and stocks, you will have a better chance on securing the best rates even if it is not the cheapest loan rates.

Check APR. The Annual Percentage Rate shows the actual cost of your loan expressed in yearly rates. This is to prevent lending companies and organizations from hiding processing, joining and any upfront fees behind their advertised interest and loan rates. Mortgage and lending companies are required by law in the United States to disclose their APR whenever they advertise a rate.

Next, do not hesitate to personally meet with the lending institutions even before you go looking for houses. This does not only allow you to compare loan rates, but this visit would be extremely useful for you as you would be able to determine how much you can afford to pay and which mortgage amount you qualify, you can also canvass for the best mortgage rates. Bear in mind that an appraisal fee and an application fee will have to be paid when you submit your mortgage application.

Lastly, do not forget to lock in your rate. A rate lock or a rate commitment is basically the lending institution’s promise to hold a particular interest rate and points up to a certain period of time. This protects you from the interest rates getting higher while you process you application. Locking in your rate also guarantees you get the best mortgage rates.


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