Asked by SANDI  |  Submitted May 01, 2017

How can I find out the best interest rate available for a home mortgage in my area?

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  Answers  |  2

May 02, 2017

Hi Sandi,
Finding the best interest rate will depend on a variety of factors, such as property type, location, loan program, credit scores, down payment, among many other variables. If you can use guidance about the process, feel free to reach out for help.

$commenter.renderDisplayableName() | 09.25.20 @ 12:52


May 10, 2017

Sandi, though you don't want to "apply" with multiple mortgage lenders as that would put inquiries on your credit report, you should "shop around" for the best deal to fit your new home goals. As Paul said, there are many factors that determine your interest rate but you also want to look at what additional fees the lender charges and how this with impact your APR. Getting a loan comparison from multiple mortgage professionals who have your best interest at heart is a good practice. There are many tools available on the internet about what your mortgage would be but they only provide an estimate based on certain parameters, you really need to have a conversation with a loan originator who asks all the necessary questions to determine your financial equation.

$commenter.renderDisplayableName() | 09.25.20 @ 12:52