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Finding the Best Mortgage Rates

finding-the-best-mortgage-ratesFinding the best mortgage rates when you're purchasing a home or refinancing a home has become a lot easier than it used to be.

In the past, one would go to a mortgage company and have a mortgage broker quote current mortgage rates from different lending institutions based on your financials, credit score and the loan amount. Using a mortgage broker comes at a cost to you in the form of higher fees or even worse, the mortgage broker has an incentive from lenders to push you into a higher mortgage rate.

Another option was to physically go to several banks and get bank mortgage quotes, a time consuming process.

Finding mortgage rate tables online for today's mortgage rates is a breeze. One can search based on the amount of the loan, the type of mortgage, i.e  30 year mortgage rate, second mortgage, interest only mortgage, adjustable mortgage rates and even FHA mortgages.

Some websites give you the ability to search for the best mortgage rates by state, i.e California mortgage, Florida mortgage, New Jersey mortgage. Other sites let you search for home mortgage loans by zip code. has a tool that lists mortgage rates by zip code.

Mortgage Interest Rate

Before you start your search for the lowest mortgage rates find out how much of a loan you can afford. This process has also become a lot easier these days by using mortgage calculators. You can find several types of calculators including a mortgage refinance calculator, amortization calculator or a mortgage payment calculator.

In you're in a position to payoff your mortgage you can use a mortgage payoff calculator. You can also find a reverse mortgage calculator to tap into the equity in your home if you qualify for a reverse mortgage or even a biweekly mortgage calculator which can estimate how much mortgage interest you will save by paying your mortgage twice a month.

Most of these calculators are free, just do a search for free mortgage calculator, home mortgage calculator and any other calculator you need.

After you have figured out how much of a loan you need or qualify for start your search for the best mortgage that suits your needs. Be sure to not only compare mortgage interest rates from lenders but also compare the different mortgage types.

Once you have your list of banks give them a call and find out what loan rates you qualify for. Banks will ask you your credit score. If you don't know what your score is ask them to pull a credit report. Tip: Ask the bank or lending institution to tell you what your credit score is (and your spouse's score) is so you can provide this information to other banks because to many credit inquires can affect your credit score negatively.

Start your search here for the best mortgage rates.

Best Mortgage Rates

Mortgage Calculator
Author: Lisa Graham
June 7th, 2009