Get this part wrong and wave "good bye" to all the hours you may have spent search for the "lowest" rate!
This page is currently under construction, so please forgive it's incompletion. Be SURE to view the two videos I created (links at bottom of this page) as they are VERY insightful (though they are also VERY home made :o)
Here's The Inside Scoop On How To Do It Right!
First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS.RUN.DON'T WALK. RUN.TO A LENDER THAT DOES!
1) What are mortgage interest rates based on?
2) What is the next Economic Report or event that could cause interest rate movement?
3) When Bernanke and the Fed "change rates", what does this mean. and what impact does this have on mortgage interest rates?
4) Do you have access to live, real time, mortgage bond quotes?
Be smart... Ask questions. Get answers!