What’s the best method for finding the absolute lowest rate on a 30-yr fixed mortgage?
by Mortgage Rates on Tuesday, September 28th, 2010 | 4 Comments
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If you pay 20% or more on the down payment that lowers the rate because it waives the cost of insurance.
I’d suggest calling 4 or 5 local brokers in your area. Tell them your credit score and situation and ask for a Good Faith Estimate with their best deal. When you have all of these compare them all to see what fees and interest rate you’d get. Then start calling them back and negotiating, say like “I’d really like to use your office, but so and so has offered me this,” then if they ask send them the GFE from the other place and see if they can match it. This happens all the time in the mortgage industry, the first GFe is usually just a jumping off point for negotiating. Just beware of internet loans who will take months to close and wind up charging you hidden fees and watch out for deal you think are too good to be true, usually they are.
I agree that a broker is your best bet. If what you say is true, a broker can get you approved asap and shop you around to find the best rate available. Where are you located?
Go directly to the website of your local banks, credit unions or retail lenders such as Countrywide, B of A or Wells Fargo (aahh).
Steer clear of mortgage brokers unless you know someone in the business who is willing to waive some closing cost fees.
By the by you should put stock in customer service….the big 3 I just mentioned have horrendous customer service records. Lack of customer service can put you in a foreclosure situation that you don’t deserve.
Do some research on any company you choose. By blogging Wells Fargo I have found tons of complaints of payments supposedly not received and homeowners in foreclosure that are not warranted due to lack of competent customer service.
Best of luck