Check Your Interest Rate

The U.S. Government’s Consumer Financial Protection Bureau has recently created a web page you can use to find out current home loan mortgage rates based on location, credit score, and loan amount. This can help you see if the interest rates you are quoted are within the typical range. It can also help you see the affects of credit score, location, and down payment. It is in Beta status as of Jan 15, 2015.

Although the interest rate is important, don’t pick a lender based solely on their verbal interest rate quote. The industry is extremely competitive and there is tremendous pressure to quote the lowest possible rate which you or the home may not qualify for and may not be available when you are ready to commit to the loan. The reputation of your lender will have a significant impact on whether your purchase offer will be accepted.

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