How to Get an Accurate Mortgage Rate Quote
When it comes to shopping for a mortgage, there are several things to consider.
First, you want to be certain that you are looking at mortgage rates for your specific location, as mortgage rates may differ from state to state.
If you live in Baltimore, you may want to search for something like Baltimore Mortgage Rates.
By doing this, you guarantee that you are obtaining rates that are accurate within your particular city and state.
Second, you want to be sure you are comparing apples to apples, so when inquiring about interest rates, always be sure to request an Annual Percentage Rate, or APR, as well.
Your APR is simply your quoted interest rate plus any additional costs associated with the loan, expressed as a percentage. This is really the only way to be sure you are getting an accurate interest rate quote.
For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you will know that the other costs associated with that loan are very high, and you may even be paying points.
If, however, the quoted rate was 5.000% and the APR were just 5.125%, this would reflect the fact that the costs associated with that particular loan are very low.
Normally, the APR can be found on your Truth-in-Lending disclosure, or TIL, so be sure you obtain this document prior to locking in your interest rate. This will ensure that you receive your APR in a timely fashion.
Following these simple guidelines can help to ensure that your mortgage shopping process is quick and easy.
