Yale Roth M.A., M.Ed

Where Can You Find The Lowest Mortgage Rates?

Ha!  This is a great mortgage question.

There’s no simple answer as there is no such thing as the lowest mortgage rate.  Mortgage rates can change every day; so if you lock in a mortgage rate with one company on Wednesday, and the mortgage market improves on Thursday, a different company may be offering a lower rate or the same mortgage rate at a lower cost.

However, this is what you want to do.

You have to do some upfront research.

Narrow your mortgage search to 3 lenders.

Identify the mortgage rates that they’re offering for that day. Also, and this is CRITICAL, find out how much the lender is charging you for the mortgage rate.

I hear all the time, “oh, the mortgage rate is 2.75%”  or “what’s the mortgage rate on a 30 year fixed mortgage?”

There isn’t one mortgage rate.  There are many mortgage rates – each one with a different cost to you.

So identify the 3 lenders who are offering the best mortgage rates at with the lowest mortgage fees.

You may want to search the internet, contact your local bank, or see if someone can refer you to a mortgage broker or loan officer they like.  The internet – by the way – is a great place to find discount mortgage lenders that will offer discounted mortgage rates.

Then, you want to talk to the mortgage broker or loan officer about when you should lock the mortgage rate.

Ask them questions about what moves the mortgage rates and see if they know what they’re talking about.  Even if you don’t quite understand, you can tell when someone is bs’ing you.

Make sure they just aren’t an order taker.  If they understand the mortgage market, they can advise you on when it’s a good time to lock the mortgage rate.

So, you’ve picked out your 3 lenders.  Now it’s time to apply.  You see the mortgage rates they are offiering AND you’ve identified what they are charging you for the respective mortgage rates.  You’ve also determined that you want to lock or secure the mortgage rate – and you lock it in.

To summarize, where can you find the lowest mortgage rate?  There isn’t one place.  Search the internet.  Contact your local bank.  Identify the mortgage rates for that day and what the lender will charge you for the mortgage rate.

There isn’t one place to find the lowest mortgage rates.  You have to do some due diligence, and trust your instincts.

If you follow this mortgage advice, you will find the lowest mortgage rate.

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• Mortgage Rate Questions – When Do Mortgage Rates Change?
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