Getting The Lowest Interest Rate

Purchasing a home is the largest single investment for most people in the world today. But most people spend more time on shopping for that next pair of shoes then they do on shopping for a home loan.

It really does pay to shop around. Quotes from different brokers and lenders can vary by up to tens of thousands of dollars. Thanks to the internet, and websites like Lending Tree and E-Loan, it's extremely easy to compare multiple mortgage quotes from the comfort of your own home.

Another good option is to find a local mortgage broker that you can trust. He can discuss your loan options with you to help you find the best mortgage to fit your individual needs. Just be sure that he's an upfront mortgage broker, or at least someone that you can trust.

It can also pay to be patient. Interest rates vary from day to day. If you believe that interest rates are going to drop soon, and time is not an issue, you can wait and have your loan officer "lock" in your rate.

There are other factors to consider as well. While one company might be offering a slightly lower interest rate, you may end up paying more because of additional fees. You'll need to compare the total loan amounts, including points and fees, to find the best deal.