Once you perceive the need to get a mortgage, the next logical question is, ‘Which one’? In today’s competitive market, a lot of lenders are clamoring for your business. The ones with the lowest interest rates often catch our eye. However, just because a loan offers a lower interest rate, it does not mean it’s the best loan for you. You should look for a loan that offers the lowest possible interest for the type of loan that matches your needs!
Mortgages are commodities! In simple terms, if two lenders offer the same level of service, you should choose the lender that offers you the best terms ala the cheapest mortgage. It’s tricky to determine which loans offer you the best rates, because lenders dish them out in a several combinations. The best way to compare the rate offered by lenders is to contact several lenders on the same day. You should ask them to quote the interest rate, not the APR, but the interest rate on the loan of your choice with an without the different combinations of points & interest rates. After you have completed your research, compare all the lenders for the same loan and determine which lender offers you the best rate. Remember, you should find the lowest rate for the loan right for you. A word of caution though – There are several unscrupulous lenders who attract homebuyers with tempting offers only to harass them during the underwriting process or downright dupe them. If you are unsure, ask your lender to give you 3-4 references of deals they have recently closed, and thoroughly check them out about the credentials of a lender, contact the office of the Better Business Bureau in your town or logon to
www.bbb.org to check out a lender. Still unsure,. Happy hunting!
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