Getting the Best Rate

Getting the Best Rate

A lower interest rate means a lower monthly mortgage, saving you money over the course of your mortgage.  It's also easier to qualify for a loan with a lower monthly payment.

There are two routes to finding the best rate.  The first is to do the research on your own; the second is to use a mortgage broker.

Do-It-Yourself

Much of the information is readily available on-line.  Take the time to educate yourself about real estate loans then sift through online resources to find the information you need.

Rates change quickly so when you find a rate that you're comfortable with, submit a loan application to lock in that rate.  If you don't, the rate may not be available the next time you check. 

Some on-line resources for interest rates include:  E-Loan (http://www.eloan.com and Bank Rate Monitor (http://www.bankrate.com).

Make sure when you're comparing loans that they are the same types of loans.  For example:  compare a 30-year loan with another 30-year loan, compare an ARM with another ARM, etc.

Ask the lender the details on all fees associated with the loan, such as "points" (loan fee), interest rate and "garbage fees" (extra fees that some lenders charge).  These fees can very greatly from lender to lender.

Mortgage Broker

Look for a qualified mortgage broker to assist you in finding the right mortgage if you don't have the time or experience to "do it yourself".  Friends and associates who have purchased recently or refinanced may have recommendations.  You should select a broker who is knowledgeable about finance and loans, is energetic, flexible and has your best interests in mind.

 

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Contact Information

Photo of Laura Bowman-Messick Real Estate
Laura Bowman-Messick
Berkshire Hathaway HomeServices Carolinas Realty
7930 West Kenton Circle, Suite 300
Huntersville NC 28078
Mobile: (704) 200-4015
Fax: 704-802-5775