Getting the lowest rate possible for your situation is important. But finding the best rate on your own, or worse, relying on a single loan provider for rate information, won’t always get you the full story or the best rate.
Before you ask the rate question, it’s important to know what type of loan you need and your credit score. Different loans will offer different rates and credit scores have an impact on rates, too. Instead of asking what the current mortgage rates are, ask for specifics.
For example, “I have a credit score above 700, and I want a $300,000, 30-year, fixed-rate, conventional loan, and I have 20% saved for a down payment. What are your rates today?”
Knowing your credit score and specific loan needs anre only half the battle.
Interest rates fluctuate daily, so you’d need to get an accurate comparison. you’d have to get the mortgage rate quotes all on the same day.
Using a mortgage broker who can do the comparison shopping for you with a variety of lenders saves you time. The mortgage broker will even help you identify which loan or loan options best fit your particular situation. The broker can find apples-to-apples loan products and mortgage rates so you don’t have to do the legwork yourself with multiple lenders.