Check the Financial Press
Even if you are not a regular reader of the Wall Street Journal or Barron’s, it is a good idea to check a recent issue. The financial press can provide a host of useful information, from the current level of interest rates to future trends.
Knowing the current state of the economy and interest rates can help you find the right financing for your new home. If interest rates are expected to rise shortly, locking in a low rate today could save you a lot of money. If rates are expected to fall or stay the same, you can afford to wait as you ferret out the best deal.
As with any type of financial decision, shopping around is likely to yield the best results when it comes to getting a mortgage. Expanding your search to a wide variety of financial institutions, from independent mortgage brokers and large money-center banks to local credit unions, is essential if you want to get the lowest interest rate and best terms possible.
Shopping around is important, but you can still start with your own bank. If you have a long history with the institution, you may be able to get a great rate based on your past history of financial responsibility. You can then use that mortgage rate as a benchmark, comparing it to other competing offers as you shop around.
Financing a home is not an easy process, but doing your homework and knowing how to prepare can make it simpler. The tips above can help you get the best mortgage for your money and the best deal on the home of your dreams.