Compare Mortgage Rates And Closing Costs

by Travis
(Nashua, NH, USA)

How to compare mortgage rates and closing costs is not taught in school. A homeowner asks me for help... Hi Kate, I recently received a few quotes regarding mortgage closing costs from a mortgage broker and am wondering if her figures make sense.

Kate, is it just me, or do my broker's numbers look suspicious? Thanks for your help! Travis

Kate Answers: How To Compare Mortgage Rates And Closing Costs

Hi Travis, Enjoy this easy guide to understanding mortgage closing costs.

Everyone wants the best deal. And why not? I never heard one of my clients begging for a mediocre mortgage rate.

Keep in mind the goal of paying higher mortgage closing costs should translate into lower mortgage interest rates.

But the question is how much lower? Here is where qualifying criteria comes in. Credit can affect rates and fees. Up and down. So can debt ratios and even how many homes have been or are presently owned. Then there is down payment and how long you have worked in the same industry.

So while I'd like to be able to say outright that you have a good deal or take a pass on that quote you referred to, I can't because there are too many variables that can affect your mortgage approval. In fact, it appears there are more mortgage guidelines than clouds on a rainy day, doesn't it?

No wonder trying to compare mortgage rates gets confusing. Here is what I would suggest.

Before you apply for a mortgage, get a written good faith estimate. In fact, get a couple. Ask a trusted adviser for specific help. Question the lender. And listen to your gut feeling.

And every day, visit my website Get-Your-Best-Mortgage-Rate.com for 10 minutes. Before long, it will become easier to compare mortgage rates and closing costs to find the best lenders.

Best Wishes,

P.S. And Travis, here are some more hints and tips for you.

5 Steps to Getting Your Best Mortgage Rate

Step 1 - Find out how much you can afford in monthly house payments.

Step 2 - Insist on mortgage pre-approval.

Step 3 - How to discuss mortgage approval with your lender.

Step 4 - Become an expert on good faith estimates and mortgage closing costs.

Step 5 - How to successfully lock in mortgage rates.

Back to How To Compare Mortgage Rates Online - A collection of real life stories contributed to this website by Readers just like you.

Home to Get Your Best Mortgage Rate from Compare Mortgage Rates And Closing Costs

Help Spread The Word

Please come back and visit often. Help me spread the word by sharing Compare Mortgage Rates And Closing Costs with your friends using these easy social bookmarking buttons. I depend on word of mouth!

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com