How can I find the best Mortgage Rate on a 30 year fixed loan? Lender could be out of state for MA. ?

In: Mortgage Rate

27 Jan 2010

I live in MA but want to find the best mortgage rate on a 30 year fixed mortgage, We have ability to put 25-30% down, maybe more. Rates were showing at 5.3% last week. They went up.
Can I use an out of state lender to finance in MA?



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4 Responses to How can I find the best Mortgage Rate on a 30 year fixed loan? Lender could be out of state for MA. ?

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leonardhomes@sbcglobal.net

January 27th, 2010 at 7:30 am

I noticed today the rate showed 5.81% on 30yr fixed. Yes you can use an out of state lender but you should be able to get the same rate localy as anywhere else.

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rayt721

January 27th, 2010 at 7:49 am

This is a non biased service for finding rates on mortgages, CDs, credit cards, etc.

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alterfemego

January 27th, 2010 at 8:27 am

RED FLAG! When purchasing a home, always use a local lender. If a problem occurs, you can visit them personally in their office, the President as well if need be. With an out of state lender, you do have not recourse should something go wrong. And believe me, it will.

Every single loan by a buyer that I processed for closing, had issues with the lender either getting the package there on time or issues with the package as agreed to by purchaser. This could delay your closing.

So in this case BUYER BEWARE.

You can always refinance later.

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Jasmin

January 27th, 2010 at 9:07 am

Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month

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