Analysts often opine that customers need to shop around for the best interest rates when they try to avail mortgages. While this is easier said than done, it is possible to search for the best quotes if one adheres to some basic principles.
It is not enough if one simply calls up a lender and asks for a quote. Depending on the person who takes the call, customers will get various loan quotes that may either be useless or will not be apt for the customer. Therefore it is a good idea to approach the situation through a different angle.
Customers need to understand that quotes are quite variable and that they keep changing from time to time. Therefore, if one calls up a lender and ask for a mortgage quote, one can receive various quotes such as a floating rate with a seven or twelve day lock, or a forty-five day lock. Lenders may also provide quotes with a rate for two points and another may quote a rate for one point. Therefore there is no point in calling lenders on any day and making a causal research.
The best approach would be to call lenders and see if they can match one’s requirements. For example, it is a good practice to call a lender and ask whether they would be able to provide the number of points for the required lock in period. They may not provide such a customized quote but the lender will at least have the idea that one is serious about the offer and may provide a more realistic quote rather than a casual rate. Similarly, it is not good to depend on the newspaper or the TV because rates are variable and therefore the rates that have been provided in the TV may not hold the same after some time.
It is also a good practice to let the lender know that one is shopping around for a deal rather than making causal enquiries.
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