Who has the best mortgage rate?

You have to look at them all. Banks, online, savings and loans, Credit Unions. If you can afford a 15 year fixed, it will save you a lot of interest costs in the long run. If you do get a 30 yr fixed, make sure there are no penalties for early payments. Then you can make an extra payment or 2 evey year and cut the time it takes to pay it all off.

You could take advantage of the low rates now for an ARM as they look to be here to stay for a while, but you will have to be Johnny on the spot to be ready to convert to a 30 year once the rates start to climb.

Try www.bankrate.com for some comparison rates from four different banks.

It varies from day to day. You can get started on a contract, and then find out on signing day, a month and half later only to find out the rate is higher than verbally agreed to.

Get every promise in writing from the very start.

Everything’s negotiable, depending on you and the institution. Credit unions generally take better care of you and are much morte up front about everything. A big one like Navy Federal is excellent. A smaller one like the Congressional credit union may not be able to offer the rates because of its size.

Lock your rate and/or if it is financially right for you you can take a lock that is for the rate on applying or the rate on settling, whichever is lower. This costs more though in closing.