who has the best mortgage loan rates?

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i am looking to get a mortgage and was wondering if any knows of special rates or first time homebuyers programs they can reccomend

  1. Reply
    Luis S
    April 30, 2011 at 12:02 am

    Okay, since you are a FTHB, let me clue you in on the most important thing. Worry about your payment, as that is the most important thing.

    Remember, that in addition to a mortgage payment, you have to pay taxes, homeowner’s insurance, and depending on how much money you are putting down, PMI (private mortgage insurance) as well.

    I would suggest if you don’t have a large down payment (10% or more), go FHA and put down 3%, keep the rest in saving in case you have an emergency.

    I would advise you talk to 3-5 banks, and no more, within 2 weeks so it does not affect your credit score. They will all have different rates more than likely, but if I were you I would select the bank that makes the most sense, not the one that sells you a pie in the sky.

    Most places that offers rates that are way off on the low end probably cannot close the loans, or will surprise you at closing with a higher rate.

    Rates aren’t as important as payment. Call your local bank.

  2. Reply
    April 30, 2011 at 1:00 am

    What Luis said, plus stay away from ARMs (Adjustable Rate Mortgages), unless you are absolutely positively believe rates are going to go down. Fixed rate always better.

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