Finding the Best Mortgage Rates

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How long should I spend comparing mortgage rates?

Finding the Best Mortgage Rates

The average consumer's search for the best mortgage rates can become like a quest for the Holy Grail. It slowly begins to take over the home buyer's mind and almost becomes the primary activity of the process, when buying the home should be.

This makes sense because, while buying a home is one of the largest and most important investments a consumer will make, the amount they will spend in interest is determined by that magical interest rate. While finding the best mortgage rates is certainly an important aspect of the home-buying process, it shouldn't interfere with your ability to actually buy the home. If you wait too long to commit to a loan, you might be outbid on the home of your dreams. Then, not only do you have to look at additional homes to find a new potential purchase, but you also might lose the home loan rates you worked so hard to find if rates go up.

So try to compromise--do not turn the search for the best mortgage rates into a never-ending, unachievable quest. Compare national and local mortgage rates and take a reasonable approach to settling on a mortgage rate that makes you feel like you got a good deal but that doesn't take a good deal of a home away from you.

   

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