Getting the best 30 year fixed mortgage rates doesn't have to be overwhelming. Knowing a few inside tricks that mortgage lenders play will save you thousands of dollars. Let's get right to it!
Editors Tip: Don't waste time calling six banks and three mortgage brokers. Always Or another similar mortgage shopping service. Remember, shopping for a mortgage is like buying milk. You can always get it cheaper down the road.
 |
You only have to call one person and they will do all of the shopping around for you to get the lowest 30 year fixed mortgage rates. That person is a mortgage broker. Call a mortgage broker if you don't want to or know how to shop loan rates on your own.
A mortgage broker knows exactly who is offering the lowest 30 year fixed mortgage rates on any given day. They are out beating the streets and keeping their ears to the pavement so that you don't have to. A good mortgage broker is your best friend when shopping mortgage rates.
Mortgage loan officers will try to trick you into paying a boat load of fees and hidden charges. Make sure that when you get fixed mortgage rate quotes the load officer is telling you two number. One is the annual percentage rate (APR) and the other is the annual percantage yield (APY).
The APR is the interest rate only. But the more important APY is the interest rate plus any fees or other charges all rolled up into one tiny little number. Whenver you get a rate quote the banker should legally be telling you both numbers.
If they only give you one number ask whether it's the APR or the APY. If they are giving you only the APR, proceed with caution and consider calling somone else for 30 year fixed mortgage rates.
When you cmpare 30 year fixed morgage rates don't get a quote without asking how long the rate is good for. Many times people are upset that the rate quote that they got today is no longer valid when they call back.
You can lock in mortgage rates for specified periods of time so that the rate will not change on you. Just remember that the longer the rate is locked in for the higher a mortgage rate may get. You may be charged a fee for locking in the rate for a long time.
Part Two With Three More Tips Coming Feb. 21, 2010
