When it comes to shopping for a mortgage, there are several things to consider.
First, you want to be certain that you are examining mortgage rates for your specific state, as mortgage rates often differ from state to state.
If you live in Baltimore, you may want to search for something like Baltimore Mortgage Rates.
By doing so, you guarantee that you are looking at rates that are correct for your particular city and state.
Second, you want to be sure you are comparing apples to apples, so when asking about mortgage rates, always be sure to ask for an Annual Percentage Rate, or APR, as well.
Your Annual Percentage Rate is simply your quoted mortgage rate plus any other costs associated with the loan, expressed as a percentage. This is really the only way to be sure you are getting an accurate interest rate quote.
For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you can be sure that the fees associated with that loan are very high, and you may even be paying points.
If, on the other hand, the quoted rate was 5.000% and the APR were just 5.125%, this would indicate that the fees associated with that particular loan are very low.
Usually, the APR can be found on your Truth-in-Lending agreement, or TIL, so make sure you ask for this document prior to locking in your interest rate. This will ensure that you receive your APR in a timely manner.
Following these simple steps can help to ensure that your mortgage shopping process is quick and easy.