Beat My Broker
If it's time to find a mortgage professional that cares about your needs and financial outlook, use BeatMyBroker.com. We have a network of dedicated mortgage brokers and loan officers that are ready to give you a customized mortgage quote with the lowest interest rates and fees available.
Find Your LenderResources » How do I find the best mortgage rate
The short answer on how to find the best mortgage rate is to speak with a Beat My Broker approved mortgage professional. The long answer isn't quite as simple, but it isn't too difficult to understand either. Getting the best interest rate usually comes down to working with the right lender, knowing what interest rates are available in the market, and choosing the right loan.
Working with the right lender. . .
Taking a loan application with a mortgage broker or bank that doesn't have your best interest in mind can be a costly mistake. Some banks flat out just don't have the low interest rates to complete with fair mortgage brokers. Some mortgage brokers don't always offer the low rates they have access to. You've got to choose a lender wisely. Work with a lender who is not pushy, offers you options in your loan choices, and never tries to force you into committing to loan terms you are not comfortable with. Before you even take an application with a loan officer at a mortgage brokerage or bank, have a conversation with them about your needs. Get their opinions and feel them out before committing to taking any further steps in the loan process. If you interview them before they start asking you questions during a loan application, you have a much better chance of knowing the person you have chosen to work with is an honest, upfront mortgage professional. Speak to a BeatMyBroker.com mortgage expert to work with a professional you can trust.
Where are current interest rates. . .
Mortgage interest rates are constantly changing. They can increase or decrease several times in a single day. You should get a general idea of where the national average interest rates are when you start the loan process to compare your mortgage quote to the average. National average interest rates are published on a multitude of credible websites on the internet. If you are able to get an interest rate and loan fee combination that is better than the national average, you can rest easy knowing you got a good mortgage. But, if you want the best mortgage rate, shoot for a rate below the national average.
If you're unsure about how to find interest rate data, Freddie Mac completes a weekly mortgage market survey that includes the interest rate data you should be interested in. See below:
Choosing the right loan . . .
If you want the best interest rate, you should choose the loan option that has an origination fee. Mortgages with origination fees should have the lowest interest rate. Typically, if you are paying upfront points, your mortgage broker will be happy to offer you a wholesale interest rate on your mortgage.
You should also choose the loan that best suits your needs. If you’ve got the option between a 30 year fixed mortgage at 6%, and a 5 year adjustable rate mortgage at 5.5%, the loan you choose should be based on how long you intend to keep the loan. If you know you will be moving in 3 years, there's no reason to take a half point higher interest rate on a 30 year fixed mortgage. Take the 5 year ARM and save .5% in the rate. Since the 5 year ARM is fixed for 5 years, you shouldn’t have any worries about what happens to the rate after the 5 years is up – you’ll be out of your home in three years.
Go to the BeatMyBroker.com homepage to see how you can get the best mortgage rates and read about current mortgage news.
Could you improve your
interest rate?
We show you 5 steps to help you get the mortgage you deserve. BeatMyBroker.com mortgage experts believe these tactics are some of the most important skills a borrower needs when searching for a mortgage.
Learn More