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Getting the Best Interest Rates

May 27, 2008  |  Difficulty: Easy

Path to mortage
Low interest rates are the homebuyer’s dream.

How do you go about getting such a low rate? You can wheel and deal yourself with a lender, but things can be a little easier with a mortgage broker.

Why will it be easier? Because the mortgage broker is cutting down time and the work involved. Since your broker is a specialist within the housing market, he or she may already know of lenders who are giving very attractive rates. However, you should do some looking on your own. Your broker may be tempted to connect you with a lender for the simple reason that this lender will give him or her the better commission rate. Do some homework yourself to confirm that you are in fact getting the better rates.

When your mortgage broker gives you a list of lenders that are offering low-interest rates, it is now your responsibility to choose what will be best for you. And as stated before, make sure the lender is offering the most competitive rates before you make a final decision. Your broker may want you to go with a lender because they offer great commission rates.

When you take the initiative to research things yourself, you will feel more confident about your final decision. Also, when you do a little bit of the footwork, it increases your chances of getting the best interest rates possible.

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