Lowest Mortgage Rates

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Get the lowest mortgage rates Available

You can get the lowest mortgage rates available on your next refinance or purchase. With a little legwork on your part, you will be enjoying the lowest mortgage rates possible. Really there is no secret, all you have to do is your homework, talk to a couple different people and find the lowest rate. That's it, that's all it takes.

But how do I know the lender I choose is giving me the lowest mortgage rates?

The first step you should take when shopping for a home loan is to find out what the lowest advertised rate is. Most places will advertise this information, just be sure you get the rate for the type of loan you are looking for. Rates can be much different on a 5-year ARM than on a 30-year fixed. But you can ensure you will get the lowest mortgage rates possible just by getting a good idea in your mind of what they are.

Some lenders are offering lower rates if I pay point, what does this mean?

Many lenders offer lower rates if you pay points. Basically this is just a way for the lender to make money aside from interest rate. Points are a percentage of the loan that you pay up front in order for the lender to do the loan for you. By paying a point or two, you may be able to get the lowest rate possible. Pay points if you are planning on being in the house for a long period of time. However, if you only plan on being in the house short term, it may be beneficial to pay a slightly higher interest rate in order to avoid the upfront cost paying points can create.

My lender told me I don't qualify for the lowest mortgage rates!

Although you may not like the sound of it, lenders can raise interest rates based on their risk. Lending to someone with bad credit, no credit or on stated income presents a much higher risk to the lender than someone with good credit with full documentation of his income. If this is the case for you, the lowest mortgage rates available may not be as close to the advertised rate as you'd like, but there may be a much larger fluctuation in rate between lenders.