How to Get an Accurate Mortgage Rate Quote
When it comes to shopping for a mortgage, there are several factors to take into consideration.
First, you must be certain that you are examining mortgage rates for your specific location, as mortgage rates may vary from state to state.
Let’s say you reside in Baltimore, you would then want to go to the internet and search for Baltimore Mortgage Rates.
By doing this, you are ensuring that you are looking at rates that are accurate within your particular city and state.
Second, you want to be sure you are comparing apples to apples, so when asking about mortgage rates, always be sure to request an Annual Percentage Rate, or APR, as well.
Your APR is merely your quoted interest rate plus any other costs associated with the loan, expressed as a percentage. This is really the only way to ensure you are getting an accurate mortgage rate quote.
For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you will know that the fees associated with that loan are very high, and you might even be paying points.
If, on the other hand, the quoted rate was 5.000% and the APR were just 5.125%, this would indicate that the costs associated with that particular loan are very low.
Usually, your APR can be found on your Truth-in-Lending disclosure, or TIL, so be sure you ask for this document before locking in your interest rate. This will ensure that you receive the APR in a timely manner.
Following these easy steps can help to ensure that your mortgage shopping process is quick and easy.