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To get the lowest interest rate on a home mortgage, which financial institution would be better?

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To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby aghamore » Thu Dec 06, 2012 6:45 am

I want to get the lowest interest rate on a home mortgage. which financial institution should I get my loan from
National Bank (or regional bank)
or a Credit Union
aghamore
 
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Joined: Tue Mar 22, 2011 3:33 pm

To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby tuketu » Thu Dec 06, 2012 6:47 am

Compare and save by going to this link that lists banks
with the best rates. http://www.bankrate.com
tuketu
 
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Joined: Wed Oct 03, 2012 2:25 pm

To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby anarawd » Thu Dec 06, 2012 6:56 am

Hi there Lexy!

The best thing you can do is to shop around and get quotes from four or five financial institutions. There isn't a clear cut answer to weather a credit union offers a lower rate than a bank. Sometimes they do, but sometimes they don't. It's really kind of up in the air which institution will give you the best rate. It would be better to just speak with a few and have them tailor a quote for you than to just get estimates on rates from ads.

Also ask the lenders about their mortgage process. Finding an bank or lender that meets your needs is key to making your mortgage go smoothly. Do you want to be able to submit documents online or check you mortgage 24/7? Would you rather turn in documents to a banker and be able to sit down with them on a regular basis. How quickly can they close loans? These are all things to consider.

Lastly, how low a rate you'll get depends on your credit score and your debt to income ratio. Have you checked your credit score recently? Do you have student loans or car loan under your name? You may see a low rate in an advertisement, but you may not get it due to these financial factors.

If you have any other questions please let me know! Good luck!
anarawd
 
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Joined: Mon Mar 21, 2011 12:00 pm

To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby norwell » Thu Dec 06, 2012 7:01 am

Hi there Lexy!

The best thing you can do is to shop around and get quotes from four or five financial institutions. There isn't a clear cut answer to weather a credit union offers a lower rate than a bank. Sometimes they do, but sometimes they don't. It's really kind of up in the air which institution will give you the best rate. It would be better to just speak with a few and have them tailor a quote for you than to just get estimates on rates from ads.

Also ask the lenders about their mortgage process. Finding an bank or lender that meets your needs is key to making your mortgage go smoothly. Do you want to be able to submit documents online or check you mortgage 24/7? Would you rather turn in documents to a banker and be able to sit down with them on a regular basis. How quickly can they close loans? These are all things to consider.

Lastly, how low a rate you'll get depends on your credit score and your debt to income ratio. Have you checked your credit score recently? Do you have student loans or car loan under your name? You may see a low rate in an advertisement, but you may not get it due to these financial factors.

If you have any other questions please let me know! Good luck!
A credit Union would be your best bet. They usually have way lower fees than the big city banks. They're also smaller and have more time for their customers. Fees are usually lower with Credit Unions too.
norwell
 
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To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby bardulph » Thu Dec 06, 2012 7:10 am

Banks almost always have the same interest rate spread. The rate you get will depend on your personal financial situation, the property, your credit history and income.
bardulph
 
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To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby payne » Thu Dec 06, 2012 7:12 am

A mortgage broker will get the best deals, and the broker is paid by the lender.

or you can shop around a bit and compare the loans.
payne
 
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To get the lowest interest rate on a home mortgage, which financial institution would be better?

Postby waerheall » Thu Dec 06, 2012 7:18 am

google 3 or more mortgage brokers
unless u need special help.
waerheall
 
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