Where to Get the Best Mortgage Rates

Unless you're extremely lucky, you're not going to get the best mortgage rates by going to the first lender that you find. Instead, you're going to have to do some research and digging around on the Internet, as well as shopping around to find the best mortgage rate. Remember this -- the price and the terms of the mortgage loan is always negotiable. If you do it right, you can literally save yourself thousands of dollars in the end.

Do not just limit yourself to your local bank when it comes to lenders that offer mortgage loans. You have choices that range from thrift institutions, commercial banks, mortgage companies, credit unions and more when shopping for the best mortgage rates from lenders.

Not only do you have to analyze the mortgage rates, but you also have to analyze all the costs involved when you get price quotes from various different lenders. Sometimes it's smart to hire a mortgage broker to help you find the perfect lending company for your situation. This can be beneficial because brokers have several contacts and are up on the latest information when it comes to mortgage loans.

Of course, contacting and using a broker will mean that you have to pay extra in brokerage fees. However, whatever you're paying the broker, you're likely to save more than that because they will be able to negotiate the best mortgage rates for you.

Your best bet is to go with a top-quality mortgage broker. To find one, use word-of-mouth. Ask others who have used a broker in the past, and go with one that comes with a high recommendation. At the very least, search the Internet and familiarize yourself with the different mortgage brokers available to you.

If you do all the above, you should be able to find the best mortgage rates.