In this article I’ll tell you about Mortgage-shopping: making appointments. In most cases the first place that you are going to want to go to find a mortgage is online. There are lots of sites that you can use that will help you to compare the rates from several different lenders at one time. While you are probably not going to want to make your decision on a mortgage based solely on the results that you get from these sites they will give you a good idea of which lenders offer the best rate and give you a place to start.
Once you have a list of a few places that seem to offer good rates you will need to contact them in order to get quotes. This will give you something that you can use to make a good comparison. This can however be a bit tricky since there are a lot of variables that go into a mortgage. You therefore have to make sure that you are comparing mortgages that are similar. Comparing a fifteen year variable rate mortgage from one lender to a thirty year fixed rate mortgage from another lender is not going to tell you much.
When you are comparing mortgages one place that you are always going to want to check is with the bank you currently use. This is true even if they are not on the list of places that offer the best rates that you got off of the internet. If you have a long standing relationship with a bank and have been a good customer they will likely offer you a better rate than they would to somebody off the street. It costs you nothing to find out what kind of rate they will offer so you should definitely do it.
One of the best ways to make sure that you are getting a good deal on a mortgage is to use a broker. This is something a lot of people don’t do because of the need to pay the broker. While it is true that paying the broker will offset part of the savings that he can get you in almost all cases you will still be better off. A mortgage broker will have contacts that will allow him to find the best possible rates, often these are with lenders that you have never considered and possibly never even heard of.
One last thing that keep in mind when mortgage shopping is that mortgages are negotiable. There is no reason that you can’t ask for a better rate than the bank offers you, most people will be surprised at just how often the bank will agree to this. Your best bet for negotiating a good deal is with the bank you currently use but all lenders are usually willing to negotiate. At the very least you have nothing to lose by asking.