2 Tips For Finding The Best Home Mortgage Rates

6 February 2016
 Categories: Finance & Money, Blog

One of the hardest aspects of financing a home is finding a home loan that will provide you with the best possible rates for your financial situation and status. What makes this process so difficult is that there are thousands of available lenders to choose from, so it is often easy to overlook or miss a lender. Listed below are two tips that can help you find the best home mortgage rates.

Contact Your Financial Institution

One of the easiest ways to track down a good rate on your mortgage is to contact your bank or credit union. In many cases, your bank or credit union may be willing to provide you with lower rates simply because you have been doing business with them for a while and if you have been in good standing during that time. For example, if you haven't really overdrafted your account or bounced a check, your bank may be more inclined to offer a lower interest rate.

In addition, you will want to also approach any financial institutions that you have received a loan from in the past. This is important because if you have a loan currently out that you have never been late when it comes to making payments, then that company may be more willing to extend an attractive loan offer. Also, if you have received a loan for a car or other item and paid it off in the past, the fact that the loan was paid off may also result in lower rates from that same lender.

Contact A Mortgage Broker

Another great resource that can save you a lot of time and hassle when looking for a home loan is a mortgage broker. When you hire a mortgage broker, he or she will simply ask you to provide your loan requirements and financial situation, then proceed to look for the mortgage for you. This is a great option because the broker will not only look in your area for a home loan, but he or she will also look nationwide in order to find lenders that you may have overlooked due to the fact that they do not have offices in your area.

Once the broker collects those loans that meet your criteria, he or she will present them to you so that you can pick the one that is the best fit. This saves a ton of time as you do not have to sift through dozens of loan offers. If your mortgage broker finds loans that require large down payments or interest rates, they can simply dispose of these for you.  

Contact your financial institution or mortgage broker today to get assistance with finding the most attractive and affordable mortgage for you and your family. Your financial institution may be able to help due to your history with them, while a broker can provide you with loan options from lenders across the country to increase your odds of finding the best rates. Contact a lender, such as McHenry Savings Bank, for more information.