Are you getting a great mortgage rate? Is it better than other people’s rate? Is you mortgage rate higher or lower than what other people are getting? Here are a few hints for you to to find out the answer to those questions.
If you are looking to see what most other people are getting on their mortgage. A great place to start your search is the search engines. just look up the words :national mortage rate”.
If you don’t have access to the internet. You can all way check your local news paper. In the business section the will print what the national average mortgage rate is. This will usually be up to date because it will be updated daily.
How does tour mortgage rate stack up? Is it over a .25% higher than what you received? So lets say you received 7% so the national average should be no more than 6.75%.
You will all so need to check that the information you are receiving is the current rate. If the information is over 20 hours old, it might already be out of date. What to do if your rate is higher?
Well the next factor would be your credit score. If your score is low you probably are not going to qualify for the loan. If your credit score is mediocre their might be a rate adjustment to account for this.
If your credit score is the problem, make sure you get a copy of your credit score. You can ask the loan officer if they could go over this with you. You score should be at least a 660 or more. If it is not ask the loan officer if their is anything you could do to get the mortgage rate higher.
You would be surprised how much information your loan officer can give you about your credit report. If you have any questions, this should be your first place to ask questions.
A another item I would like to talk about is any up front fees. You should not have to pay any up front fees. If anyone ask for fees upfront walk away.
You have so many choices when it comes to mortgage company’s. make sure you are getting a competitive deal. Make sure you shop around a little. this is the only way to know if you are getting the best deal on your mortgage.