Comments on: How to Get a Good Mortgage Rate

on 3/28/2008 in a computer and having you chopped up by your FICO. About 1 in 4 mortgage companies still do manual underwriting, and as far as I know none of the big nationally advertised ones do (but that's ok because their rates are usually .75 higher than a broker anyways).

on 3/28/2008 Consider using a lender that isn't a captive agent! Get someone such as Churchill mortgage, or some other reputable freelance mortgage broker who can shop to tons of different banks or trusts then give you a choice. Be wary of internet sites that say they can shop for your best rate. Usually these guys have such a high pass through fee that their rates aren't that good. For my last mortgage I went with Austin First Mortgage and got 5.35 when BOA wanted to give me 6.25, however the fees were a lot higher than I liked even though the loan still made a lot of sense due to the rate.

Also if your FICO isn't that great because of something that happened 4 years ago, but you have been a stellar renter or payer for a long period look for someone who can do "manual underwriting" which basically means a human can make the choice to lend to you at a given rate instead of just sticking you

on 2/1/2008 As far as your mortgage interest rate, your credit rating is key, prepare of the loan months in advance buy paying off debt and getting your credit report to make sure you don't have any debts in default. You'll tahnk yourself for doing this.

This site also offers some good information on mortgage rates and buying and selling investment properties: www.investmentpropertiesinfo.com/

on 11/22/2007 Thank you for this good article. Valuable information