How to Get an Accurate Mortgage Rate Quote
When it comes to looking for a mortgage, there are many factors to consider.
First, you must be sure that you are getting mortgage rates for your specific state, as mortgage rates often differ from state to state.
If, like me, you happen to live in Baltimore, you could simply search Google for Baltimore MD 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 ensure you are comparing apples to apples, so when asking about interest rates, always be sure to ask for an Annual Percentage Rate, or APR, as well.
Your APR is simply your quoted interest rate plus any other loan closing costs, expressed as a percentage. This is really the only way to be sure you are getting an accurate interest rate quote.
For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you can be sure that the other costs associated with that loan are very high, and you may even be paying points.
If, however, the quoted rate was 5.000% and the APR were just 5.125%, this would reflect the fact that the costs associated with that particular loan are very low.
Normally, your Annual Percentage Rate can be found on your Truth-in-Lending disclosure, or TIL, so make sure you ask for this disclosure prior to locking in your interest rate. This will ensure that you get the APR in a timely fashion.
Following these simple guidelines can help to ensure that your mortgage shopping process is quick and painless.
