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How To Get The Best Home Mortgage Rate
First, make sure you are comparing current mortgage rates for the same type of mortgage. Mortgage rates and closing costs can change significantly from day to day, so if you're comparing offers from more than one lender, it should be done on the same day. For example, if you're shopping mortgage rates and have a quote for a 30-year fixed rate at 5.75%, only compare it to other 30-year fixed rate quotes at 5.75%.
Next, be sure to compare the total of all points and lender fees for each mortgage (from section 800 to 813 on the Good Faith Estimate), that is the price of the mortgage. The lender with the lowest total cost has the best mortgage rates.
If you're refinancing, you will also need to review the cost of title insurance, closing/attorney, and appraisal. Some large national mortgage companies have negotiated excellent rates for these services on your behalf. The company with the lowest combination of points, fees and third party costs for the same rate and product has the best mortgage rates.
Things to Watch Out For...
The APR is not always accurate so it should not be used. To get the best mortgage rates, compare current mortgage rates along with the closing costs.
Good Faith Estimates are merely estimates. Many mortgage brokers and lenders will give you a low ball estimate, and then after you have paid for your appraisal, they will inform you that the mortgage rate or closing costs have gone up. Look for lenders that guarantee their closing costs up front in writing.
There is nothing wrong with Zero Closing Cost Loans. Just be aware that you'll be looking at higher mortgage rates in exchange or if you're refinancing, the closing costs could be included in your principal.
Paying higher points and fees on your home loan will result in lower mortgage rates. For example, at 7% you may have zero points and fees, while at 6% you may have points and fees of $3000. To get the best mortgage rates, you must estimate how long you will have the mortgage. Also, make sure you are comparing current mortgage rates when doing your comparison. For additional mortgage information, please see our home mortgage page.
Loan Product availability subject to loan amount. Until you lock your rate, A.P.R. and terms subject to change, including rates, points, rebates and fees. Rates and APRs may vary depending on loan details, such as points, loan amount, loan-to-value, your credit, property type, and occupancy. ARM rates subject to increase during loan term. Rates and APRs assume that an escrow account is set up for payment of property taxes, hazard insurance, and mortgage insurance if applicable. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.
SureFee is subject to change in the event parameters of the loan change from those presented at the time of application and loan closing, such as but not limited to, a change in the: loan amount, appraised property value, credit score of applicant or type of property.
An additional fee may be added to the Appraisal fee shown above in the event appraiser must make two or more trips to property to complete appraisal process. A second trip is typically needed when construction or renovation of property is not complete at the time the appraiser initially appraises property. Third party fees guaranteed only if Amerisave's preferred providers are used.