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How To Research Mortgage Rates Online

Mar 29, 2008
Approximately one half of all new home buyers check mortgage rate quotes online. Most mortgage providers offer calculators that allow you to calculate your monthly payment once you input your principal, interest rate and terms. Others offer wizards and questionnaires that help you pinpoint the right mortgage for you.

If you're hunting for mortgage rate quotes online, keep reading for 6 tips that will save you money and keep your credit secure. Especially since you can do a lot of the investigation work from the convenience of you home, you should take full advantage of these free resources.

1. Never provide personal credit information out over unsecured web sites.

You wouldn't give your social security number to a stranger just because he asked, so don't hand out your personal information online to sites that aren't secure or absolutely credible. If you're unsure about a prospective lender's credibility, try calling their customer service line or asking about them with the Better Business Bureau. When it comes to your credit information, safe is better than sorry since attempting to clean up after being duped by a scam can cost you a lot more money and time than you would ever invest up front.

2. Keep your hunting within a two-week period.

If you're actually applying for a mortgage online and not simply requesting rough estimates or quotes, you want to keep those applications within a two-week period. Otherwise, the credit reporting agencies will count them as individual requests on your credit report, which can pull down your score dramatically.

3. Save money by applying online through loan auction sites.

A loan auction site lets you input your details, and then you'll receive multiple offers from various lenders who are competing to lend you money and offer you the lowest rate. Most these sites, like lendingtree(dot)com, take you through a thorough loan questionnaire. Within a day or two, you'll receive four quotes that are great for comparison shopping.

4. Check finance and business sites.

Most economics and business news web sites print the national interest rate averages. Others include specific base and APR (annual percentage rate) for individual lenders in your particular geographic area. Like the mortgage rate listings in your local newspaper, these will include base rate information, associated fees, points, percentage rate lock in duration and APR rates.

5. Get local.

When researching mortgage rates online, try to choose sites that are as local and specific as you can find. Average mortgage rates differ not just by state, but by county, so it's important to get information that's as accurate as possible. And if you locate one that is in close proximity to your planned residence, this is advantageous for any future issues that necessitate a face-to-face discussion.

6. Look for quotes that cover specific credit ratings.

If you know your credit score before you start searching, you'll get a more accurate picture of the kind of interest rate you can expect to pay. This knowledge helps you to plan your monthly budget, for which a significant portion will be comprised of your house obligation. Try to obtain a copy of your credit report so you can track down true interest rate quotes.
About the Author
For information on practical home ownership preparation ideas, please visit www.home-ownership-preparation.com, a popular site providing great insights concerning home inspection tools , FHA mortgage rates , stop foreclosure sale info, and many more.
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