Compare interest rates: what you need to know

Wanting to compare interest rates when you’re looking for a home mortgage is only natural; after all, cutting even a quarter of a percentage point off the interest rate can save you many thousands of dollars over the life of your loan.

What does “lowest rate” really mean?

That said … promotional ads on the Internet or elsewhere advertising the “lowest rate”—without knowing anything about you, your finances, your credit score, or even the type of loan you need—are misleading.

It’s beyond aggravating when you discover that the promised “lowest rate” is available only to, for instance, a homebuyer with a credit score of 780 who’s able to put 25% down and willing to pay two points at closing.

How to make sure you get the best mortgage—and rate—for you

Keep in mind when considering interest rates that every transaction is different. Yes, interest rate is important. And a reputable lender will help you compare rates, apples to apples, oranges to oranges. But a good mortgage banker will do more than find a competitive rate fitting your financial profile; they’ll also make sure you have the best possible experience and close the loan in the timeframe you want with the least amount of stress.

Great loans are the result of great relationships, not hype and advertising

Give us the opportunity to learn more about your unique needs by emailing us or giving us a call at 1-866-612-5050. A Guarantee Mortgage Loan Advisor will be glad to help you make sense of the various mortgage rates that are available and best match your financial circumstances.

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