Use a mortgage broker.
You answer all the same questions, show the same docs, but the mortgage companies pay them to bring in clients so it’s free to you and much less work than shopping around.
If you don’t like the offer you can still shop around. And if rates get better before the date your mortgage is renewed, you get the best rate.
There is no for sure way to know this. You can look up interest rates for the type of loan you are seeking and see if they are close to yours based on whether you have great credit or not.
Again mortgage quotes is the way to comparison shop.
3 Responses to How can you know if you have the best mortgage rate offer for your home?
The Rabbi
April 12th, 2010 at 11:15 pm
You can shop mortgages online.
runtorome
April 12th, 2010 at 11:58 pm
Use a mortgage broker.
You answer all the same questions, show the same docs, but the mortgage companies pay them to bring in clients so it’s free to you and much less work than shopping around.
If you don’t like the offer you can still shop around. And if rates get better before the date your mortgage is renewed, you get the best rate.
quizme
April 13th, 2010 at 12:10 am
There is no for sure way to know this. You can look up interest rates for the type of loan you are seeking and see if they are close to yours based on whether you have great credit or not.
Again mortgage quotes is the way to comparison shop.