Mortgage Deals

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Looking for a mortgage deal? Here are your options.

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If you are shopping for the best mortgage deals, there are several things you need to do in order to ensure that you get the lowest interest rate on your mortgage. First thing you will need to do is shop around for the best rate with several lenders. Just because bank "A" is advertising the lowest rates, does not mean that you will get the best mortgage deal from that bank.

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There is always fine print. Those incredibly low interest rates being advertised may seem fantastic and motivate you to apply at bank "A", but buried in the fine print could be language that only borrowers with a credit score above 849 are eligible for the advertised rate. Of course the interest rate you are offered will end up being much higher than the advertised rate.

The bottom line on incredibly low advertised rates is that they are offered in order to bring potential customers in the door. However, they most often contain stipulations that the majority of borrowers will not be able to meet.

Would you rather go with bank "A" that is offering the best fixed rate mortgage interest rate of 4.5%, or bank "B" that is offering a rate of 5.25%? What if bank "A" is only providing the advertised rate to borrowers who have an annual income that is twice the amount borrowed, and all others pay a 5.75% interest rate? Which mortgage deal looks better now?

Additionally, the get the best mortgage deal, you should check your credit report. If you haven't requested a copy in over a year, you are entitled to a free report from each of the 3 major agencies. Here are their phone numbers:

Equifax: (800) 685-1111
TransUnion: (800) 916-8800
Experian: (888) 397-3742

The best mortgage deals can be found, but you need to shop, compare rates, points and fees, and don't forget to read the fine.