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Shop Around for the Best Mortgage Interest Rate

If you are currently on the market for a new home, or you are looking to refinance your current mortgage, one of the most important things to you when shopping around for a home loan will be the mortgage interest rate. Of course you will want your mortgage interest rate to be as low as possible, so take some time to shop around for the best deal. Shopping around for the best mortgage interest rate is very important because you want to go with the best deal possible. Donít just settle for the first lender you come across and go with whatever rate they may offer you. By shopping around you can compare rates and products. The difference in one percentage point on an interest rate can mean thousands of dollars in savings over the course of a thirty-year mortgage.

Think of shopping around for a mortgage the same as shopping around for a new car. When you are on the market for a new car, you visit two or three car dealerships, you speak with a few different sales people, you test drive a few different cars, than make your decision on the best car at the best price. Treat the concept of shopping for a mortgage the same as you would if you were shopping for a car. The mortgage industry is a very competitive one, and the mortgage companies are all too happy to compete for your business. The last thing a mortgage company wants is for you to give your business to their competition.

When shopping around, let the mortgage brokers or loan officers you are dealing with know that you are shopping around. By supplying them with this knowledge, they will understand the importance of coming back at you with the best deal they have to offer to make sure they secure your business. Once you have a handful of loan officers make you their best offer, give your consideration to the one with the best rate and to the scenario that sounds the most reasonable. Remember, once an offer is made to you, ask to see all of the particulars in writing. A verbal offer may sound great to you, but without the paperwork to back it up, it is worthless.


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