This is the mother lode question on every consumer’s mind seeking mortgage loan financing. Everybody wants to get the lowest and best possible interest rate for their mortgage right? Obviously, the lowest possible interest rate and least possible cost is ideal. The cold reality is that after you close escrow rates can drop below what you have thus you didn’t get the lowest interest rate. This happens all the time. Simple strategy smart consumers should look for….
Know The Game
Goes without saying, pay attention to the news on interest rates and run payment scenarios to see what your situations rate and payment would look like. Bar none the best possible place to get the best barometer of where interest rates are on any given day is none other than www.FreddieMac.com. Why? Because Freddie Mac is a government entity, it is unbiased and pure in its form.
For example compare any interest rate mortgage website and you’ll see ultra low interest rates, with a whole lot of very fine print. These interest rates come, with specific terms, specific steps, specific action items ‘you’ the consumer must do in order to get that ridiculously low interest rate as well as being adept to the fine print language. The overwhelming majority of people when it comes time to get in their mortgage rate want to know series of very simple things. How will I benefit? How much is it going to cost, what’s my rate, what’s my payment? Anything other than that, means using your own time putting together your own loan together in an effort to chase rate which may not be attainable anyway due to credit characteristics (credit score, loan to value etc).
Why A Government Site
Freddiemac.com takes an average of pricing against multiple lenders on a weekly basis and publishes it for consumers on the most common loan programs; a 30 year fixed-rate mortgage and a 15 year fixed-rate mortgage and any associated points and fees with those products. It is unbiased. There is no fine small print language, unnecessary steps nor sales pitch. It’s just the raw data which smart consumers should use to get the best idea of where interest actually rates are.
Know The Rates & Pick A Lender
Now you know the interest rates, time to shop lenders. Once you have an idea of where the market is in terms of interest rate, then you can start comparing fees and loan programs and determe what mortgage lender is best suited to your financial situation. Unless you have the time and the energy of structuring your own loan program with the lowest priced lender, leave the heavy lifting to the lender, make them answer the tough questions that you come to know and deserve as informed smart mortgage consumer. Start by Getting A Free Mortgage Rate Quote Now!
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