Help you compare their loans to their competitors.
Try to match the lowest rate you found.
Beware of interest rates too good to be true. Extra low rates are sometimes dangled as bait but carry terms impossible to meet.
Step Two:
Find a local Mortgage broker and ask her to match the best rate you found on the Internet.
Finding a local Mortgage broker:
Ask friends who have recently bought homes.
Get a referral from your real estate agent.
Not working with a realtor? Call a local agent and ask for a referral.
Find Mortgage brokers in the local telephone directory, (it's okay, you're asking them to match the best rate you found on the Internet).
Mortgage banks
Today, most mortgage loans are provided by "mortgage banks," which are not really banks in the sense that they don't accept deposits and they don't offer checking accounts.
Thousands of mortgage banks compete for every mortgage (which they promptly sell at a discount to replenish their capital).
Apply for a mortgage loan at your neighborhood big-name bank and the loan officer will most likely offer you a loan from a "mortgage bank."
Developed to compare different mortgage loans, the APR states the total annual cost of a mortgage as expressed by the actual rate of interest paid.
For example: to compare two 30 year mortgage loans for $85,000
Base
Interest Rate
Points
Fees
Mortgage loan 1
7.5%
1.0
$280
Mortgage loan 2
7.3%
1.6
$415
The APR combines the base interest rates (7.5% and 7.3%) with the points and all other loan fees to produce a single interest rate to compare the two mortgage loans.
The APR is higher than the base interest rate for all loans that have points or fees.
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Copyright Jan. 2006 by Audrie.com Corporation
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