Author: Ray Tolley
Approximately one half of all new home buyers check mortgage
rate quotes online. Most mortgage providers offer calculators
that allow you to calculate your monthly payment once you input
your principal, interest rate and terms. Others offer wizards
and questionnaires that help you pinpoint the right mortgage for
you.
If you're hunting for mortgage rate quotes online, keep reading
for 6 tips that will save you money and keep your credit secure.
Especially since you can do a lot of the investigation work from
the convenience of you home, you should take full advantage of
these free resources.
1. Never provide personal credit information out over unsecured
web sites.
You wouldn't give your social security number to a stranger
just because he asked, so don't hand out your personal
information online to sites that aren't secure or absolutely
credible. If you're unsure about a prospective lender's
credibility, try calling their customer service line or asking
about them with the Better Business Bureau. When it comes to
your credit information, safe is better than sorry since
attempting to clean up after being duped by a scam can cost you
a lot more money and time than you would ever invest up front.
2. Keep your hunting within a two-week period.
If you're actually applying for a mortgage online and not
simply requesting rough estimates or quotes, you want to keep
those applications within a two-week period. Otherwise, the
credit reporting agencies will count them as individual requests
on your credit report, which can pull down your score
dramatically.
3. Save money by applying online through loan auction sites.
A loan auction site lets you input your details, and then
you'll receive multiple offers from various lenders who are
competing to lend you money and offer you the lowest rate. Most
these sites, like lendingtree(dot)com, take you through a
thorough loan questionnaire. Within a day or two, you'll receive
four quotes that are great for comparison shopping.
4. Check finance and business sites.
Most economics and business news web sites print the national
interest rate averages. Others include specific base and APR
(annual percentage rate) for individual lenders in your
particular geographic area. Like the mortgage rate listings in
your local newspaper, these will include base rate information,
associated fees, points, percentage rate lock in duration and
APR rates.
5. Get local.
When researching mortgage rates online, try to choose sites
that are as local and specific as you can find. Average mortgage
rates differ not just by state, but by county, so it's important
to get information that's as accurate as possible. And if you
locate one that is in close proximity to your planned residence,
this is advantageous for any future issues that necessitate a
face-to-face discussion.
6. Look for quotes that cover specific credit ratings.
If you know your credit score before you start searching,
you'll get a more accurate picture of the kind of interest rate
you can expect to pay. This knowledge helps you to plan your
monthly budget, for which a significant portion will be
comprised of your house obligation. Try to obtain a copy of your
credit report so you can track down true interest rate quotes.
About The Author: For information on home ownership
preparation, please see
http://www.home-ownership-
on home inspection tools -
http://www.home-ownership-
FHA mortgage rates -
http://www.home-ownership-
and many more!
