Mortgage ko barema help chahiyo

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who is the Best Mortgage Lender ? I just walk into my bank and they gave me 30 year fixed rate with 6.56% Interest on it? What are the things i need to consider before i lock my Loan? Do i apply with different other places so i can compare all the Rates ? How much time does it actually take to get the loan becoz we have a closing almost in a month. Any help is appreciated.

Six Strings

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Geetika,
30 yrs fix for 6.56% is typical rates now. Is there any points involve for that rate? If not then it's a good deal. Since housing market is very shaky, have seller cover some if not all the closing cost, and most importantly, bargain like south Asians.
Good luck,
SS

Credence Trend

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Geetika, coupole of things here.

1) If you're in the US, 6.56% is about 1.56% higher than the prime. That's too much money in interest you're going to pay. The lmortage lending revolves around prime typically. This mean, I wouldn't lock it at 6.56% for 5 years, let alone for 30 years.

2) If you're in Canada, the prime rate is even lower. You can get far better rates in Canada than a whopping 6.56%.

3) You sure this rate is for 30 years? I've never heard of a lender who's going to give a flat interest for that long. Typically, they all give you a fixed rate for first 5 years or variable rate of a specific percentate point around the prime for up to 5 years.

4) Shop around. Historically, the mortgage lending rates have always revolved around the prime and the prime stays around 5, plus/minus.

5) If your creditworthiness is good, I think you can get better rate than 6.56%. Look for something that's less than 6%, around 5.5%. Makes a lot of difference.

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