How to Compare Bank Mortgage Interest Rates

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Compare bank mortgage interest rates by searching the Internet for Web sites that compare rates, contacting different banks for full disclosure information and using the variables of a mortgage interest rate to pick the best choice. Use the Internet as a guide for picking a good mortgage interest rate with help from a financial consultant in this free video on investments.

Part of the Video Series: Investment Tips & Financial Planning
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Video Transcript

Buying a house wondering what you're going to pay in terms of mortgage rate? Hi this is Roger Groh at Groh Asset Management. Aha the Internet is a wonderful thing because today many websites exist that will enable you to shop till you drop when it comes to mortgage rates. How? Do a search, type in compare mortgage rates. Many well known companies offer sites that will scan different banks for the rate and size of loan that you're considering. Now those websites may not disclose accurate data, they could be wrong. The websites may not include fees or other points that are associated with mortgage loans and generally they will not have fully disclosed data available. In the end, it's a guide, it is not the basis for making a decision as to where to go. If you do go online and decide to use any online mortgage and you click that button for bank A, the website then takes you personal data and the data on the house or property that you're buying and sends it on electronically to the bank or brokerage firm in question. That company then makes a decision as to whether or not you're qualified for that investment. They will then come back with a more complete package of investment material for you. Always remember that there's a lot more then just interest rate that goes into finding the right mortgage. Is it the right length of time? Is it a variable rate? You need to get the full disclosure package from that bank or institution to be sure that that rate is right for you. Not all mortgages are small, if you have access to Bloomberg at the institutional level, there are pages and pages and pages of mortgages and pools that you can buy into with full descriptions and disclosure data available. If you're an individual and you're buying a house or a home, going online and using the online services is a terrific guide as to price and guidelines of the specific mortgages available. Generally you can look for specific date ranges and price ranges and locations for the banks that are offering mortgages for sale. So I hope it helps, remember you need full disclosure in order to really figure out if that mortgage is right for you. You need to know price, you need to know fees and you need to know rate.


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