How to Find the Lowest 30 Year Fixed Mortgage Rate
If homeowners take the time to do some research, they will be able to identify the lowest 30 year fixed mortgage rate that is available in their area. Mortgage rates can fluctuate wildly from region to region and from one bank to another so you have to take the time to really find out as much as you can. While finding the lowest 30 year fixed mortgage interest rate is considered to be the most important factor when getting a home loan, it is certainly not the only factor to be considered carefully.
You need to know which banks will sell your loan on the secondary market and which banks will continue to service your loan long after you have signed docs and your loan has funded. This is important for many reasons but mostly because if a company sells your loan on the secondary market and they dont tell you, you could end up sending your monthly payment to the wrong company. This is not as rare as it sounds and if you are unfortunate enough to have this happen to you, it will take a long time to get the error fixed and expunged from your record. Many times a negative mark may be placed on your credit history which could negatively impact your credit score as well.
Finding the lowest 30 year fixed mortgage rate should not be that difficult. You can go to your local bank office and just walk in. Usually their lowest 30 year fixed mortgage rate and 15 year fixed mortgage rate are posted in an easy to see central location. You can consult with a banker at that point also and have them put something in writing.
When dealing with a broker you will usually be assigned to an account executive. Make sure that you get someone with more than five years of experience. They will go through all of their daily faxes and emails that they get from banks and lending institutions and let you know pretty quickly what the lowest 30 year fixed mortgage rate will be, along with any other attractive loan products that are available.
Sometimes what seems to be the lowest 30 year fixed mortgage is not necessarily the best solution for you. Sometimes these loans have hidden fees and closing costs. Please consult a professional Loan Officer to get the best advice.