Shop
Around for the Best Mortgage Interest Rate
If
you are currently on the market for a new home, or you are looking to
finance your current mortgage, one of the most important things to you
when shopping around for a home loan will be the mortgage
interest rate.
Of
course you will want your mortgage interest rate to be as low as possible,
so take some time to shop around for the best
deal.
Shopping
around for the best mortgage interest rate is very important because you
want to go with the best deal possible. Don’t just settle for the
first lender
you come across and go with whatever rate they may offer you.
By
shopping around you can compare
rates and products.
The difference in one percentage point on an interest rate can mean thousands
of dollars in savings over the course of a thirty-year
mortgage.
Think
of shopping around for a mortgage the same as shopping around for a new
car.
When
you are on the market for a new car, you visit two or three car dealerships,
you speak with a few different sales people, you test drive a few different
cars, than make your decision on the best car at the best price.
Treat
the concept of shopping
for a mortgage the same as you would if you were shopping for a car.
The
mortgage
industry is a very competitive one, and the mortgage
companies are all too happy to compete for your business. The last
thing a mortgage company wants is for you to give your business to their
competition.
When
shopping around, let the mortgage
brokers or loan
officers you are dealing with know that you are shopping around. By
supplying them with this knowledge, they will understand the importance
of coming back at you with the best
deal they have to offer to make sure they secure your business.
Once
you have a handful of loan officers make you their best offer, give your
consideration to the one with the best
rate and to the scenario
that sounds the most reasonable.
Remember,
once an offer is made to you, ask to see all of the particulars in writing.
A verbal offer may sound great to you, but without the paperwork
to back it up, it is worthless.
Points
ARM
Loans
The
Current Mortgage Rate
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