THE MORTGAGE INFORMATION CENTER

Things to know to get the best mortgage rate

• Shop around and compare different lenders' mortgage rates and home loans products. You should ask to be provided with written estimates that include all of the rates and fees. Although most lenders are honest, there are some lenders that may try to take advantage of you. By understanding loan terms and by getting several rate quotes from different mortgage lenders, you can prevent that from happening. Use the internet to get as much information as you need to find the best mortgage loan.
• Avoid solicitations for mortgages and other loans that sound too good to be true. If you think a solicitation sounds interesting, get the offer in writing, including mortgage rates and fees so that you can compare it to other lenders. Log onto the internet an get the information you need online, including competitive rates.'
• Since there are so many different mortgage products to choose from, be sure to understand the loan terms.
• Do not borrow more than you need, especially when refinancing. Borrow only what you need to keep interest costs at a minimum and start paying off the mortgage principal as soon as possible. Make sure that you are not repeatedly refinancing a mortgage within a short period and being charged high points and fees when doing so. A home loan should be refinanced when that can save you money.
• Ask about additional fees and should question any items you don's need. Review every fee and compare different lenders' fees to ensure the most competitive loan rates and terms.