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One of the greatest financial resources on the web is
BankRate.
BankRate, among other things, compiles a huge
list of mortgage rates for many types of loan products including fixed-rate
mortgages, ARMs, and interest-only loans. The best part is that
you don't have to submit any information about yourself to get
the mortgage rate information.
There are other sites that have mortgage rate listings, such as
Interest.com,
BestRate,
or CompareInterestRates.com,
but BankRate
seems to have the most listings, and the search results are easier
to compare and sort.
Another place to look for good deals on mortgages are your local
credit unions. They often have great rates that are not listed
on the big interest rate sites.
But don't believe everything you see. Depending on your credit
score and financial situation, you may not get the rate listed on
the web pages. Generally, to get the best rates, you will
have to keep your credit score above 720. If you don't know
what your credit score is, read on.
Getting Your Free Credit Report
By law, you are entitled to one free copy of your
credit report each year. To retrieve it, just go to the
FTC credit site. Most of the
other "free credit report" sites offer a free trial
for a subscription service with a hefty annual price
(paid right after the 30-day trial period). Their services
can be worth the price if you like to keep a close eye on your
credit; just be aware that they will start charging you after a while.
If you suffer from bad credit, the most informative (and
free) place to learn how to improve it is the
CreditNet Forums.
And, in addition, mortgage brokers have gained a
reputation for dishonesty due to some ethically questionable
practices. That is not to say that all brokers are shills. There
are a great many honest mortgage brokers out there. The trick is
to find them.
Read more about how to research a mortgage company.
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