- The best way to see what’s a good mortgage for you is to shop around.
- Many of the lowest rate products advertised won’t work for everyone’s situation, nor will everyone qualify.
- It may be worth taking a slightly higher interest rate in order to get better, more flexible terms.
Every person is different and one-size-fits-all simply won’t work when it comes to your mortgage. After all, what fits best with your lifestyle and budget won’t work for someone with different needs and priorities. For instance, while some people would rather make larger lump payments, others prefer to take their time paying back their loan.
The best way to see what’s a good mortgage for you is to shop around. While you can do this yourself by going from lender to lender, filling out different applications, and waiting to see what you qualify for, an easier way to shop around is to try out our mortgage marketplace. Instead of going out into the mortgage market, we bring the market to you. With one application, we gather offers from multiple lenders so you can go with the offer that works best for you.
Understanding Online Mortgage Rate Quotes
Interest rates are determined by mortgage product, loan-to-value, amortization period, credit score and more. However, the goal of the game should not be to find the lowest rate possible. Many of the lowest rate products advertised won’t work for everyone’s situation, nor will everyone qualify.
Sometimes, to get a lower rate, you may have to face sales clauses, higher penalties, and unfavorable prepayment terms. In fact, shopping for a mortgage solely based on mortgage rates could actually cost you more in the long run. It’s akin to buying a car based on the lowest price without considering other factors like if it requires significant repairs or has bad gas mileage. In some cases, it may be worth taking a slightly higher interest rate in order to get better, more flexible terms.
Get the Most Accurate Quote
The best way to get an accurate quote is to fill out an application. In order to recommend the best mortgage product and interest rates, a mortgage consultant will need the following information from you:
- Your income
- Your credit score and history
- The amount of the loan you’re seeking
- The value of the home and property being financed
Get Additional Help
For any help at all with the mortgaging process, our support team is always on standby to answer your questions and give you advice.