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.
Action Steps
The best contacts and resources to help you get it done
Compare mortgage rates using online sources
Searching for mortgage rates at comparison sites can give you an idea of the range of rates available.
I recommend: Compare mortgage rates at
Bankrate.com or at
MortgageLoan.com. At
Interest.com, you can view mortgage rate listings by state.
Consider mortgage loans from national lenders
In 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.
I recommend: GMAC Mortgage and
Wachovia are national mortgage lenders that allow you to check current mortgage rates online. You can also check today’s rates for home loans at
Countrywide. Or check out
Equifax, which offers a nationwide mortgage referral service, so you can get a list of mortgage lenders and their rates.
Check mortgage rates at local banks
For 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.
I recommend: Find regional banks that provide residential and business mortgage loans in your state at
LocalLender.info or
USCITY.net.
Check with real estate experts for mortgage rate info
Several blogs written by industry insiders offer up-to-the-minute information on residential mortgage loans and business loan mortgage rates.
I recommend: Mortgage News Daily is a good resource that lets you stay up to date on current mortgage rates and news. Or, check
The Mortgage Reports for info on how to shop for mortgage loans as well as news on mortgage rate changes.
Tips & Tactics
Helpful advice for making the most of this Guide
- 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.
The official source of Mortgage Rates is the Mortgage Rates page at Business.com
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