How to Compare Mortgage Rates

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To compare mortgage rates, talk with various lenders, consider a shorter term loan to negotiate better interest rates, and get several quotes from a least a few different lenders. Find the best mortgage rate by shopping around with advice from an experienced mortgage broker in this free video on personal finance.

Part of the Video Series: Mortgage Information
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Video Transcript

So, everybody's refinancing in the market today. My name is Matt McKillen and I'm with Innovative Financial Group and the question post to me today is "How to compare mortgage rates." Mortgage rates can vary from lender to lender, based on the type of program and term that you're looking on our loan. For example, if you're doing an FHA loan, the rates may differ from a conventional loan, or as you've heard the term, a FannyMae or FreddieMac type loan. Depending on the term of the loan, whether it's a fifteen year loan, or a twenty year loan or a thirty year loan, generally, the shorter the term of the loan, you can actually negotiate a better interest rate. So when you're comparing mortgage rates, you really need to take a look at the specifics of what you're looking to do, also the amount of money you're borrowing can affect the actual interest rate, or the loan to value. And the loan value is basically calculated, how much are you looking to borrow, divided into the house itself, or the purchase price. So when you lay all these factors out, then you can really kind of get a better idea what lender is going to have better program for you, one way of the other. Thanks for asking, my name is Matt McKillen, I'm with Innovative Financial Group.

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