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Blog ID : 191445
Mortgage is something you will have to pay up for a major part of your life. Therefore, it makes sense to choose one wisely. This means you will have to shortlist a few mortgage lenders, get quotes from them and compare their rates to make sure you pick out the one that seems best for you. Here are a few things you need to look for, while comparing mortgage rates:

Adjustable Mortgage Rate

You must be aware that the initial rate of interest in case of adjustable rate mortgages would be very low when compared to that of fixed rate mortgages. However, after a certain period of time this rate would start increasing. You will have to be aware of this adjustment period, how the rates are adjusted and what kind of margin is used by the lender. These things can vary from one lender to the other.

Fixed Mortgage Interest Rate

In Fixed mortgages, the interest rate would represent an annual percentage of the loan amount that you borrow. This rate will remain fixed for the entire term of your mortgage. The monthly mortgage payments that you make here will be amortized for the entire term of your mortgage.

Lender Fees

Going for a good faith estimate before applying for a mortgage is definitely a wiser step to take. This will help you estimate the lender fees, apart from the costs related to closing.

Discount Points

If you have exceptional credit you can get some discount points from your mortgage lender, using which you can lock in really low mortgage rates. You need to understand that these discount points will ultimately be added up to the cost of your home loan. Usually 1 discount point is equal to 1% of your total mortgage amount.

Annual Percentage Rate

Annual percentage rate involves the calculation of your mortgage rate, the loan fees and various other costs related to your home loan. When mortgage offers start looking very similar, you can use APR to select one among them.

A few tips to compare mortgage rates

Mortgage rates keep changing every now and then and with that, the fees and the costs also can vary. You will have to budget in some extra money so as to cover these changes.
Compare the mortgage quotes that you receive from the lenders and negotiate as much as possible with discount points and lender fees.
Go with a mortgage lender who can make you feel comfortable. If he is not available to answer your questions or does not include you while handling things, it is better to look for another lender.
Make sure you do a thorough research and explore all your options before deciding on a mortgage loan. You may have to ask the right questions and get all the answers before zeroing in on the lender.

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Category : Finance
Tags : mortgage live transfers, reverse mortgage live transfer
Partner Blog: No
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Date Added : 19-12-2016