When trying to obtain the best mortgage rate compare offers from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Besides your mortgage rate compare information about the loan amount, loan term, and type of loan from varies lenders and brokers. The following information is important to get from each lender and broker:

Mortgage Rate

Compare each lender and broker and ask for a list of current mortgage interest rates and whether the rates being quoted are the lowest for that day or week

Ask whether the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment.

If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down.

Ask about the loan