This method proposes that we compare rate quotes from several mortgage lenders. The concept underlying this method is that mortgage lenders give you their best rate quotes for a 30 year fixed rate mortgage. These competitive rate quotes help you get the lowest cost mortgage in the following ways.
By comparing interest rates, by comparing closing costs, and by comparing other third party processing fees. If you use effective rate comparisons, you'll be able to find the lowest mortgage interest rate, closing costs, and processing fees.
Let's imagine that you've gotten several low interest rate quotes, and one or two of the lenders stands out with the lowest rates. Go back to those lenders with the lowest rates and ask the loan officer to give you the lenders fees, and fees from third parties. You may get loan quotes with a good rate, only to find out later the loan comes with unusually high closing costs and fees.
Now compare the lenders fees and other third party fees, and notice whether the lower interest rate is being made up in the form of higher fees and closing costs. If so, ask the loan officer to match the fees of the lowest priced lender. Most lenders have quite a bit of flexibility, especially in the area of fees and closing costs. Remember, loan rates and fees are always negotiable.
Use this method get the lowest 30 year fixed rate mortgage deal. Your goal should be to get the the best mortgage deal including interest rates, lenders fees, and processing fees from third parties.
