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Mortgage Interest Rates: How to Lock in a Better Rate
September 14th, 2006Shopping for the best mortgage can help you qualify for the best mortgage interest rate. Comparing loan offers can be difficult if you don’t know what to look for. Here are tips to help you compare offers and choose the best mortgage for your financial situation.
When you collect loan offers try and do your shopping over a short period of time, even the same day if possible. Mortgage interest rates can change on a daily basis so if you spread your quotes out over too much time the interest rates quoted will no longer be valid.
When you compare loan offers, group your quotes by the duration of the interest rate lock. Mortgages with longer lock periods typically have higher interest rates; comparing loans with equal lock duration will give you the best comparison. Additionally, you will need to compare offers with comparable discount and origination points.
When comparing mortgage offers make sure you are using the fees found on the Good Faith Estimate, as this document will itemize all loan fees and who they are paid to. You can request the Good Faith Estimate before submitting your application; use this document when organizing your loan offers for comparison.
When you submit your application the lender will run your credit. Mortgage lenders will not guarantee an interest rate without accessing your credit records.
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