Best Low Mortgage Rate
Once you pick the mortgage rate you would like to avail of, you can even negotiate it with the mortgage lender. Negotiating with the lender will enable you to get the rate best suited to your financial condition.
There are few tricks of the trade, which can help you to get the best mortgage rate. You might find a very low mortgage rate, but do not forget to look at the origination fee. The origination fee is the fee that a mortgage lender will charge you for giving you the mortgage loan. The origination fee mainly depends upon the loan amount and your credit history. The origination fee generally ranges between one and two percent of the loan amount, but you can negotiate with the origination fee. Your APR or Annual Percentage Rate is dependent on the origination fee, a higher origination fee means a higher APR.
Discount points can help you to get the best mortgage rate. A single discount point is usually one percent of the mortgage loan amount and it has to be pre-paid like origination fees. Discount points can lower your mortgage rate by up to .5 percent. There are many third party fees like title insurance, title fees, attorney fees, appraisal fees, and others, which affect the APR.
When your mortgage lender charges you more fees, your APR automatically increases. Often these fees or charges are not stated explicitly in advertisements, but are stated only when you ask them about it and the law states that you have every right to know about the minutest details of your mortgage deed.
Since the mortgage market is highly volatile, mortgage rates fluctuate very often. If you are wise, you can use it to your advantage to get the best mortgage rate. Once you have negotiated your mortgage rate, you can ask your mortgage lender to lock your rate for a minimum of 30 to 60 days. Therefore, even if the market mortgage rate rises, you will have the benefit of your old rate. It is also possible for mortgage rates to fall, after you have locked your rate; therefore, always put in a clause, which will permit you to avail lower rates, if the mortgage rates lower during that time period.
You must always keep in mind that your mortgage lender wants your business as much as you want your loan, if not more - that gives you the power to negotiate for the best mortgage rate.
The mortgage rates on the various lenders' websites are updated every week based on mortgage rates from real mortgage deals. Sao, start your search for the best mortgage rate here at Internet.
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