Where Can I Get the Lowest Rate?

Start by calling your current mortgage lender and your bank or credit union. you can also get on the internet and do some searches on the keywords getting low interest rates. Some mortgage brokers may be able to give you a wholesale rate that beats the rate from a bank’s loan officers. Known as correspondent lenders, they are typically large brokers that do the underwriting and immediately sell the loans they originate to wholesale lenders or investors — meaning they can both find you a loan and approve it. If you’re trying to consolidate loans, a mortgage broker may also offer more options than a retail loan officer. However, some lenders prohibit brokers from originating loans of more than $417,000.

If you have an existing relationship with a bank, then it may be a good idea to get with them and start the discussion about what you can do to get a better interest rate.

When you’re ready to get rate quotes, call your prospects in the late morning (eastern time), when lenders have issued the day’s rate sheets but before any changes are made to them. Each lender with whom you apply must give you a good-faith estimate, and you can use the GFE to compare lenders’ offerings. You don’t have to pay an application fee to get a GFE, but you might have to pay about $50 for the lender to pull your credit report. GFE= good faith estimate….

Don’t be afraid to talk with your lender… ask them about different programs, and ask them about what kinds of things you can do to get better payments.

You never know what is out there, and you never know what you can get until you ask…

so start asking….

Remember, you can save hundreds of dollars by getting lower interest rates, and you may quailfy for things you didn’t know you qualified for….

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