It is not wise to give a list of companies with the best mortgage rates at any one point in time. Far better, if you are in the market for a mortgage, to find a good mortgage broker local to you. A Mortgage broker is a home loan intermediary who works on your behalf to link your requirements to the best mortgage lender. You don’t pay the mortgage broker, rather they make commission from the savings and loan or other lenders. A mortgage broker does not lend you money but can save you a great deal of money with the best loan for your circumstances.
How to judge a good mortgage broker? The starting point is a mortgage broker who is a member of the industry body. The MBAA or Mortgage Bankers Association of America. This organization requires a minimum level of experience and a minimum certification as well as insisting on ongoing professional development. Best of all MBA members adhere to an ethical code of practice and have professional indemnity insurance.
The Internet is the place to start your search for a mortgage brokers. Try www.mbaa.org where you will find a state map to home in on your area. Call them to see if you can build rapport with them. Compare them on how clearly they respond to your questions. Do they listen or do they push their own agenda mortgage that earns them most commission? Ask around for word of mouth recommendations in your neighborhood. Do their previous clients talk them up?
A good professional mortgage broker will elicit from you the long-term view of your circumstances. Their knowledge will be of a wide spectrum of lenders financial products and home-buying initiatives. They will clearly state the alternate mortgages, fees and charges.
Professional mortgage brokers will use computers to narrow down your options from thousands of mortgages and not just on the best rates. A good mortgage broker will speak to you in plain English, and facilitate the best mortgage for you at the time.
A mortgage broker will show you all kinds of mortgages with genuine savings. Their services are generally free for arranging a typical mortgage but be sure you are aware of any charges. A good mortgage broker relationship will ensure that you get a regular mortgage review and guidance when it comes time to refinance.
The best mortgage rates are to be found through a mortgage broker but remember the lowest rate may not equal the best mortgage.