How to Get the Lowest Rate

How to ensure that you get the best possible interest rate on your next home loan

Determine the Right Type of Loan

The interest rate is a key factor for any loan. First, determine what type of loan best suits your situation.

Get Knowledgable

Next, find out the going rate for your type of loan. You can start by searching online. Be sure to talk with mortgage brokers because they represent many different lenders whereas banks offer you only their own loans.

Tip: you can get free interest rate alerts at our website

Screen Mortgage Brokers

As you talk to mortgage brokers, you’ll soon realize the differences in expertise and level of service. Select up to three brokers who are knowledgable, responsive and you feel comfortable with. They pre-qualify you based on the information you provide. Provide the data they request but, at this point, do not allow anyone to obtain your credit history (do not provide your social security number).

What About Banks?

Lenders such as banks offer only their own loan programs and they certainly don’t shop around to find other lenders who may have better rates. Steve shops your loan among various lenders who want to make loans, so his focus is on obtaining the lowest rate and best terms for you. View Loan Promotions and Special Offers

Get Rate Quotes

Next, get specific quotes from your top two or three mortgage brokers. To give you the most accurate quote, the brokers will want your credit score but do not allow anyone to run your credit history yet — ask for a quote based on your best estimate of your credit. For example, "Assume that my score is 680 or better" (ask each broker to use the same score so the the quotes are consistent).

Select an Expert Broker

By this point, you should be able to select the broker who is the best fit for you. Steve Rumberg is a expert loan broker and he shops your loan among numerous wholesale lenders and investors to find who has the best rate for you. Lenders have niches and the best lender for one type of loan may not have the lowest rate for your loan.

Submit Your Loan Application

Start a formal loan application and allow the loan officer to run your credit. There may be a fee to get started (our fee is refunded when you close your loan).

Ready to start?

Steve is your single point of contact for the entire loan process, from application to funding, ensuring that you receive prompt, accurate service.

Contact Steve now to get started.

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