dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

Where do I find a lender's current mortgage rates?

By   |  Posted in Ask The Expert

If you are a prospective homebuyer or a homeowner interested in a refinance, one of the most important steps to take is to find a lender. Not only do you want to find a responsible, reputable lender, but you should also check each lender's current mortgage rates. You can find a list of lenders by state with their current mortgage rates on the HSH.com's lender showcase.

Current mortgage rates and local lenders

While some lenders are licensed to approve loans in every state, not every lender can offer loans in every area. Start by searching for a local lender so that you can be sure you are working with someone who understands the financing and settlement requirements in your state. Then compare current mortgage rates among lenders.

Questions to ask your lender

As a borrower, you should consider contacting two or three lenders to make sure you are getting the best deal. Make sure you compare loan programs and understand the differences between various loan offers. It is important not only to check current mortgage rates, but also to determine whether you will need to pay points in order to qualify for a particular rate.

Here are some questions you should ask each lender about the loan you are offered:

  • Is this an adjustable-rate mortgage or a fixed-rate loan?
  • What is the minimum down payment requirement for this loan?
  • Will I need to pay points at closing to get the quoted rate?
  • Will I need to pay private mortgage insurance?
  • What will my entire monthly total be, including principal, interest, taxes and insurance?
  • Is there a prepayment penalty on this loan?
  • How long can I lock in the interest rate?

The key to financing your home and being comfortable with your monthly payment depends on the loan's interest rate and your personal understanding of any risks the loan might pose.

Michele Lerner contributed to this answer.

More help from HSH.com

  • Advantages of a FHA mortgage in 2017

    FHA loans have become more affordable in 2015, thanks to a drop in the annual mortgage insurance premium that the Federal Housing Administration charges.
  • Streamline Refinance Program to Replace HARP

    The HARP refinance program for troubled or underwater homeowners will come to an end in 2017, but a new streamline refinance program will takes its place.
  • Flex Modification: An outline of HAMP's replacement

    The Making Home Affordable Home Affordable Modification Program comes to an end on December 31, 2016, but is being replaced by a new Flex Modification program from Fannie Mae and Freddie Mac.
  • HSH.com’s yearly outlook: 2017 - Nine forecasts and outlooks

    At the start of each year, HSH.com details the important factors we think are most likely to influence the mortgage and real estate markets in the coming year.
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.