Everyone wants to find the best mortgage rates. Lower mortgage rates save you thousands of dollars in interest charges over the life of a loan. Lower rates also translate into lower monthly payments. And these days, who couldn’t use a little more money in the bank every month?
The best mortgage rates are available to borrowers who have excellent credit ratings, reliable cash flow and a steady job. Not everyone meets all those criteria. So your job is to find a mortgage with the best rate possible for your particular circumstance.
Searching for the best mortgage rate
The Internet puts a lot of power in the hands of people searching for the best interest rate. You can start by going to the Freddie Mac site, www.freddiemac.com. Freddie Mac is a quasi-governmental enterprise that buys mortgages from primary lenders. The Freddie Mac home page lists the average interest rates nationally for 30-year and 15-year fixed mortgages. It also lists the average fees being charged for both, and has links to more information.
Average rates are a good place to start when looking for the best mortgage rate for you. Some rates will be higher and some mortgage rates will be lower, and the average gives you a baseline. The rates are updated every Thursday.
Individual lenders also list interest rates for different kinds of mortgages on their Web sites, along with applicable fees.
Comparing mortgage rates
LendingTree.com helps you get the best mortgage rate for you by having banks compete for your business. You can review the offers and select the best mortgage rate from home without having to fill out multiple forms for each possible lender.
Regardless of how you conduct your research, you will sleep better in your new home at night if you know you got the best rate possible on your mortgage.