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Home Mortgage Rates

When shopping for home mortgage rates online, it is imperative that you get loan disclosures from credible mortgage lenders.  The industry experienced many record breaking months as the Federal Reserve kept interest rates low and the banks responded with the lowest home mortgage rates in nearly fifty years.  It is very difficult to predict the home mortgage market, so if you have the opportunity to save money refinancing today, we recommend you do it.

Nationwide Lenders offer the following types of mortgage rates:

Tips for Home Mortgage Rate Comparison

1.  Review the loan disclosures – Make sure that when you are comparing mortgage rates, that you are comparing, “apples to apples.”  Evaluate the “Good Faith Estimate” GFE, and compare the loan amounts, interest rates, and closing costs side by side.

2.  Verify the mortgage terms – Make sure you are comparing 30-year terms to 30-year terms.  Some unscrupulous brokers will quote you a 15-year rate even though you asked for a 30-year term. 

3.  Identify the type of mortgage rate.  Make sure the home mortgage rates are as they were advertised.  For example if you expect a fixed 30-year loan, make sure that the interest rate does not become adjustable after a few years.  There are hybrid ARMS that are fixed for a set period like 3, 5, 7 and 10-years before they become adjustable.

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