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Get the Best Rate
on Your Home Mortgage Loan
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Home mortgage interest rates hit record lows in 2004 and have remained
at record lows as we go through 2005. It is possible today to get a
thirty-year fixed rate home mortgage loan for under five percent, and
an adjustable rate mortgage can be found for under four percent if you
look hard enough!
However, record low mortgage rates do not mean that you should take
the first mortgage offer made to you, even if it sounds low. On the
contrary, it means that shopping around for the best mortgage possible
may be even more beneficial then during a high market period.
If you solicit mortgage rate quotes from enough lenders and pay attention
to economic news, you might be able to secure a home mortgage loan at
an interest rate that you will not see offered again in your lifetime.
Solicit Several Mortgage Rate Quotes
In order to get the best deal on anything in America, it is important
to shop around. Securing a home mortgage loan is no exception to the
rule. If you are the type of consumer who likes to walk into the first
store that you see and buy what you need without comparing your options,
then you might also be inclined to accept the first home mortgage loan
offered to you.
Doing so would be a big mistake. Unless you have a long term established
relationship with a lender who considers you one of his best customers
and is willing to loan money to you at the prime interest rate, then
in order to get the best possible home mortgage loan you will need to
“shop” and compare lenders.
Because the home mortgage rate is so volatile right now, it often changes
during the course of one business day. Therefore, it is best to solicit
all of your mortgage rate quotes on the same day. Compare offers from
various lenders, and request a rate lock from the lender offering the
best choice.
Why the Home Mortgage Interest Rate Matters So Much
The interest rate that you secure your home mortgage loan at will have
a big impact on the total amount that you end up paying for your home
by the time the loan is paid in full.
To illustrate this, let’s say that you buy a home for $150,000 using
a 30 year fixed mortgage with a 6 percent interest rate. By the time
the home mortgage is paid in full it will have ended up costing you
almost three times the original cost of the home. Using the same home
and the same 30 year fixed mortgage, but lowering the interest rate
by only one percentage point, down to a 5 percent interest rate, will
save you approximately $100,000 over the life of the home mortgage loan.
Clearly, getting the best possible interest rate on your home mortgage
loan is one of the most important economic decisions you will face.
Since mortgage rates are at an all time loan, now is a great time to
gather some home mortgage rate quotes!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
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