Mortgage rates can vary widely depending on your credit history, the amount of the loan and the type of loan. Whether you’re purchasing a new home, securing a home equity loan, seeking a business mortgage loan or taking out a second mortgage, rates will vary from lender to lender.
Mortgage quotes from a variety of lenders can help you narrow your choices. Comparing those quotes and negotiating your residential mortgage rate or business mortgage rate may save you thousands of dollars. A mortgage broker has the resources and connections to help you find a variety of residential or business mortgage loans and mortgage rates.
To find the best mortgage rates for residential or business mortgage loans:
- Check mortgage rate listings from a variety of lenders.
- Make sure mortgage quotes from different lenders are current and from the same time period because rates fluctuate frequently.
- Local banks are a great resource for mortgage loans, but don’t limit yourself to a local lender. National lenders may have the best residential or business mortgage rates.
- Depending on whether you’re looking for a residential or a business loan, mortgage rates may vary.
Compare mortgage rates using online sourcesSearching for mortgage rates at comparison sites can give you an idea of the range of rates available.
Consider mortgage loans from national lendersIn some cases, national lenders may offer some of the most attractive mortgage rates. Use their online features to check out their residential and business mortgage rates.
Check mortgage rates at local banksFor a residential or a business loan, mortgage rates from local lenders may be attractive. Check with banks in your region for business mortgage rates. Local and regional banks are some of the most common providers of home mortgage loans and business mortgage loans.
LocalLender.info or USCITY.net.
Check with real estate experts for mortgage rate infoSeveral blogs written by industry insiders offer up-to-the-minute information on residential mortgage loans and business loan mortgage rates.
- Get mortgage quotes from several lenders. Check online for each lender's list of current rates.
- Make sure the mortgage interest rates quoted are the lowest. Ask whether the rates are the lowest for the day or the week.
- Protect yourself from mortgage rate increases while residential or business mortgage loans are being processed. Once you agree on a residential or business mortgage rate, you may want to obtain a lock-in. There may be a small fee, but it can most likely be refunded at closing.
- If you're taking out a second mortgage, rates may be higher than your first mortgage. That's because they're riskier for the lender because they're subordinate to the initial mortgage.