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Mortgage rates seemed to settle into a new range in the last couple of weeks after rising from recent lows. As news of whether the economy is recovering or simply getting less worse dominates the headline mortgage rates have ticked up from. . .
First, make sure you are comparing current mortgage rates for the same type of mortgage.
Mortgage rates and closing costs can change significantly from one day to another, so if
you are comparing offers from multiple lenders it must be done on the same day. For
example, if you are shopping mortgage rates and have a quote for a 30 year fixed at
5.75%, only compare it to other 30 year fixed quotes at 5.75%.
Next, compare the total of all points and lender fees for each mortgage (from section 800 to
813 on the Good Faith Estimate), that is the price of the mortgage. The lender with the
lowest cost has the best mortgage rates.
If you are refinancing, you will also need to review the cost of title insurance,
closing/attorney, and appraisal. Some large national companies have negotiated
excellent rates for these services on your behalf. The company with the lowest
combination of points, fees and third party costs for the same rate and product has the
best mortgage rates.
Things to Watch Out For
APR is not always accurate, so it should not be used. To get the best mortgage rates,
compare current mortgage rates and closing costs.
Good Faith Estimates are just estimates. Many brokers and lenders will give you a low
ball estimate, and then after you have paid for your appraisal, they will inform you
that the mortgage rate or closing cost have gone up. Look for lenders that guarantee
their closing costs up front.
There is nothing wrong with No/Zero Closing Cost Loans. Just be aware that you will be
looking at higher mortgage rates in exchange or if you are refinancing, the closing
costs could be included in your principal.
Paying higher points and fees will result in lower mortgage rates. For example, at 7%
you may have zero points and fees, while at 6% you may have points and fees of $3000.
To get the best mortgage rates, you must estimate how long you will have the mortgage.
Also, make sure you are comparing current mortgage rates when doing your comparison.
