Things You'll Need:
- internet connection
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Step 1
Go to bankrate.com. Bankrate.com is a highly recognized website for information on the economy, personal finance, and many other topics of interest involving money. Not only can you check local mortgage rates on bankrate.com, but you can also find out how big a mortgage you can afford, as well as read advice on how to best find local mortgage rates in your individual situation.
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Step 2
Click on the "Compare Rates" tab at the top. This tab is between the "News and Advice" tab and the "Calculators" tab.
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Step 3
On the upper left portion of the screen, you'll see "Compare Local Interest Rates". The first drop-down menu is for loans. The default in the drop-down menu is "Mortgages". This is what you will want to select to check local mortgage rates. To the right of the drop-down menu is a "Go" button. Click the "Go" button.
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Step 4
This will take you to a screen with a header of "Compare Mortgage Rates". Use the drop-down menu on the far left to select your state. Click the "Next" button on the bottom of the drop-down menu. The other "menu" (on the left) is an advertisement.
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Step 5
The next screen has a drop down menu entitled "Choose the city nearest you." Find the city nearest you in the drop-down menu and click on the city name. Then click the "Next" button.
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Step 6
The next step, on the next page, is "Choose your loan amount". Type in your projected loan amount. Be sure to also select your down payment from the drop-down menu below. The default is set at twenty percent.
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Step 7
Next you'll choose your mortgage options. Notice you can only choose one option at a time from this menu. The default is set to a thirty-year fixed mortgage. Find the type of mortgage you are interested in and click the next button. You can always go back later and compare other mortgage options. You can also change your location or your loan amount.
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Step 8
Finally you'll land at the page to check local mortgage rates. You can compare mortgages by lender, APR, origionation points, rate, fees in APR, lock, or estimated payment. If you hover your mouse over any of the above items, a pop-up will appear which briefly explains each term.
Comments
cadence said
on 3/10/2009 Great tips to check mortgage rates. It's important to get the best mortgage rates so you save money over time.