Whether you are a first time home buyer, or you have been purchasing real estate for years, one of your main goals other than finding the perfect piece of property is to make sure that your mortgage rate is as low as possible. Anyone who has had to navigate the tricky waters of the mortgage markets knows that rates can vary day by day and knowing when to lock in the rate can save you thousands over the life of the loan.
When looking for a mortgage one of the most important things to keep in mind is that competition is key to getting the lowest rate. Many first time home buyers make the mistake of not shopping around for a mortgage. They take the first offer that is presented to them and often end up with a rate that can be as much as one or two full points higher than rates for others with a similar financial background. They think that their real estate agent is there to help guide them to the best choice – when in reality they are there to earn their commission. The best advice for new home buyers is to always make sure that you separate your financial transaction of buying the house away from the process of finding a home. The rule of thumb is you should...
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