4.25% 30 Year Fixed Rate
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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Selecting a Mortgage Company

Finding the perfect home was definitely the easy part of buying a home. With so many houses to choose from, the hardest part was eliminating the less practical choices. In the back of my mind, I knew that I still needed to apply for a mortgage, but I put it off until the real estate agent started pushing me to get it done.

With some recommendations in hand, I started calling companies. What struck me as odd was how I could not get a real commitment about a rate over the phone. I was quoted a range of numbers and assured by everyone that they had the best rate. After an hour on the phone, and five loan officers later, I decided I needed to go online to research interest rates. Even though I did not know a lot about mortgage financing, I was sure that I needed to be careful about selecting the right bank. I also realized that I needed to get the lowest rate possible to keep my payment low.

Surfing the Internet, I looked for a daily mortgage rates chart to see what different banks were offering. I scanned the list for the best mortgage rates available and took down those bank names and numbers to call later. I was frustrated since none of the new names retrieved from the daily mortgage rates chart were names that coincided with my referrals called earlier. I resigned myself to the fact that I would have to do more calling to get the best rate.

After drinking some lemonade to wet my whistle and for renewed energy, I turned my attention back to the phone. I wanted to get the task over and keep my real estate agent off my back, by getting the loan paperwork started. But I also knew that if I rushed this decision that I would pay too much for my mortgage. That was certainly the last thing I needed, so I got my notes out and started calling the names on my list.

The first person I called gave me a low rate and had a voice that I liked. She was friendly without being pushy like some of the other bankers who had turned me off earlier. She assured me that her bank had the best mortgage rates available. I trusted my instincts about her after we met and the rest is history.