How to Get Better Mortgage Rates

Can you get a better mortgage rate?

With all that is going on in the finance world, this may be the right time for you to get better mortgage rates than you have now. What is out there that you are not aware of? Get on your laptop and surf the internet for details.

Things You'll Need

• Laptop
• Phone
• Time

Instructions

1. Can you really get better a mortgage rate than you have now? According to the news, yes, you can. If rates are 2% lower than you have now, why wouldn't you try to pay less. Search online, checking names you know first. With all that is going on in the world, you may not want to get involved with a name you don't know.

2. Do you have a printer? If so, use printer friendly sites to print information on several lenders. Be sure to look at several bank sites. Compare your final information. Instead of applying online, think about calling all of the lenders you are interested in. Make friends with your contacts. Bring your application to your contacts in person-avoid doing this by mail if you can.

3. Once you know what several banks are offering, do a cost analysis. Who will charge you an application fee? Who offers to waive the credit application fee, the appraisal fee, or other charges that will leave more money in your pocket? What will this mortgage actually cost you?

4. When looking for a better mortgage rate, check Bankrate.com for current rates. Do the banks you are thinking about compare? Be sure to let lenders know you are aware of what rates should be if you think what you are being offered is wrong. An informed consumer is less likely to be paying too much. Look for more information in resources below.

5. Don't count yourself out of the mortgage game because you think your credit isn't good enough to obtain better financing. With government encouragement, things have changed considerably, and you can get better mortgage rates. And it is still free to ask.

Tips & Warnings

• Be sure to understand what a loan will cost you. Consider all extra fees.

• Read more articles like these on eHow.com. Some are listed below.

• If you refinance for any reason, be sure you read all papers. There are now loans with deferred payments. This may not be what you want. Be sure you are getting what you asked for.

Resources

• How to Find Mortgage Money
• How to Avoid Mortgage Scams
• How to Choose a Real Estate Agent
• Bank of America
• Wells Fargo