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Step 1
Shop around. Compare rates and offers from as many lenders and brokers as possible to get the best fixed rate mortgage.
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Step 2
Banks. Local banks often have the best idea of whats going on in your area. They are a common mortgage lender and can often provide the best fixed rate mortgage.
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Step 3
Brokers. Mortgage brokers can offer a wide variety of options since they have access to many lenders. They can often provide the best rate for a fixed rate mortgage however be aware that there will be additional fees when you obtain a fixed rate mortgage through a broker.
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Step 4
Credit Unions. You must be a member of a credit union to apply for a loan. Credit unions often offer low rates and can be a great place to look to get the best fixed rate mortgage.
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Step 5
Loan and Savings associations. If you decide you need a longer term mortgage this may be a good option.
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Step 6
Loan Term. A longer term will mean lower monthly payments and a higher interest rate, while a shorter term will mean higher payments at a lower interest rate. Depending on your finances and how big of a loan you need to take out, determine the optimal loan term to get the best fixed rate mortgage.
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Step 7
Negotiate. There is always something a lender or broker can do to keep your business. Ask for a list of their rates and find out if it is the best one being offered for that day or week.
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Step 8
Lock in. If you are weeks or months from closing and anticipate a rate change, you may consider locking in a rate ahead of time. There will be costs associated with this decision, however this may be a great way to get the best fixed rate mortgage.
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Step 9
Once you have found the right lender/broker, decided on your loan term and negotiated the best fixed rate mortgage possible, congratulations you are ready to close!
