Like every other mortgage lender, i get this typical phone call: "what is your interest rate?" What consumers do not understand, is that Interest Rates Are Not The Same For Everyone!
There are like 30 data points that go into quoting an interest rate. In order for me to be able to configure a monthly payment, which is really what the consumer cares about, i must take a complete loan application and run a credit report and do an interview of the consumer.
What they also don't understand is that "The lowest rate, isn't necessarily the best loan program for the consumer" That ought to get a few people's jaws to drop! What do I mean by that?
If you plan to live in the home for a shorter period of time (3 years), then it may make better financial sense to pay less closing cost at close by having the lender charge you a bit higher rate/payment, and cover your closing cost with a lender credit. We do this all the time for borrowers who may be short of cash or who want to save their cash to do some home improvements!
Consumers, the best thing you can do is find a mortgage advisor (ask your Realtor) who will sit down with you, interview you, find out your needs, and custom a loan program that works specifically FOR YOU!