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There are many websites which will advertise rates from mortgage companies which pay them money. Interest, BankRate, HSH, etc. Whether they have the best rates is up to you determine by comparison shopping. They also aren't all inclusive lists, because like I said, only the companies who pay them are listed, they aren't independent websites that survey the thousands & thousands of places someone could get a mortgage from on a daily basis and report their findings. Unfortunately that type of website doesn't exist. There are websites that track reported interest rates by certain sources, such as Freddie Mac average loan rate, users who visit a website entering in their locked in interest rates, etc. but those are just a sample.
What does the best rate mean per the reason you are seeking? The lowest rate? The rate with the lowest amount of fees?
Rates on websites are designed to make the phone ring- nothing else, they are ads not quotes. Legally someone has to qualify for it, which may or may not be you.
Couple of things to remember about rates and ads:
lower rate= higher fees
lower fees= higher rate
There are no magic lenders with magic programs and rates as most loans are sold to Fannie and Freddie. What you're really buying is service so get a referral from a trusted source.
Be cautious of rates you see online. Rates vary based on your FICO score, loan to value, type of loan, type of property, where you live, are you escrowing taxes and insurance, size of loan, how much you pay in closing costs, etc....
Do as dad2jules recommended. Speak to friends, family members, church members, co-workers and get a referral to someone they used that provided great service.
my boyfriend and I are applying for a fha loan together. i left my full time job of 4 years in august 2010 to be a stay at home mom and was going to school part time from 2010-2012. I did not start working again until January 2013 from a part time to a full time in the same field just different employers. my boyfriend has a steady income/job. will we still qualify for a fha loan due to the fact i lack in employment history for the past 2 years?
You shouldn't run into any issues. The lender may want a letter of explanation about the job gap, but since you have been back full time for more than 6 months you shouldn't have an issue.
Banks log into the site in to report their rates on bankrate. They can (and do) put a rate in there that is not available, just as the gents said, to get the phone to ring. It has the appearance that bankrate is doing the survey, but that is far from the case. People have tried for decades to get all the data in one place for comparison purposes, but the variances (aka Gfees) have only grown, making this task next to impossible.
I use to consider bankrate until I figured out how things worked. Then it started to feel just like a bait and switch. Rate, APR, Fee, No Fees, is just so confusing for most people. This is what it comes down to. How much will you have to bring to closing , what will my monthly rate and payment be and most important will you be able to close in time.
A good idea is to ask real estate agent if they've had deals blow up dealing with online lenders and what has been their experience with big banks versus brokers.
Credit Score, Loan Amount, Loan to Value, Debt to income Ratio, Reserves, all make a difference.
To be honest sometimes is make sense to pay some money to get a lower rate. I personal do not push no cost loan on to people, I show them here is a loan with fees, here is a loan without fees, here is your balance after x years and see what makes sense.
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