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Buying A Home - How To Get The Best Rate
Are you thinking about Buying a Home and want to get the best mortgage payment? Want to make sure you are getting the best interest rate on your mortgage? Well finding the best rate is not always finding the best deal.
Whenever you make a big purchase, it's always a good idea to shop around. There are hundreds of financial institutions wanting to give you a mortgage. If we hear about the Fed dropping the rate and the Fed Rate seems to be controlled by this one person (or government committee) then why can one mortgage company have a rate of 6.0 and another have a rate of 6.5? Well, everyone is out to make money (there is nothing wrong with making a reasonable profit) but what sounds like the best deal isn't always the best deal.
There are two things you need to look at when shopping for a mortgage: rate and fees (fees typically run 3-5% of the loan amount but some can be really high). If you are looking at 2 companies and one is offering a rate of 6.0% and the other company is offering a rate of 6.5%, then the first company is probably charging you ... more
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