Buying A Home
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How to shop around for best interest rates?
we just made an offer on a home and we are playing ball with the bank - foreclosed property. if our offer is accepted, how do we best approach shopping for interest rates?
also, what tools can i use online to monitor rates? and what have rates been looking like lately?
Re: How to shop around for best interest rates?
I like this page: http://www.realtor.com/home-finance/market-commentary-news/
It gives advice on locking in.
Rates can be all over the map and really come down to type of loan, credit score and how much you're putting down. You might see "teaser" rates that seem too good to be true, and they usually are. When we were under contract (we've since pulled out) we spoke with three banks and one, a local bank, was consistently better with lower fees. We'll probably just go with that one when the time comes.
I would like to second using a local bank. I got three or four quotes from online lenders and the fees were considerably higher than with a local bank...for the same interest rate.
Good luck!