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Even though “the best” mortgage looks different from one person to the next, there’s one thing we can all agree on: the lowest rate is the best rate. So, how do you know you’re getting the lowest rate for your new mortgage?
Compare Mortgage Rates
To find the best rate possible, we recommend that you compare mortgage rates of three (or more) mortgage lenders you’re interested in working with. Wyndham Capital’s mortgage comparison tool makes it easy to compare mortgage rates among top competitors in real-time.
Compare Mortgage Rates by Loan Type & Term
Mortgage rates are not a one-size-fits-all situation. When shopping for the best interest rate, it’s important to consider home loan types and terms and their impact on interest rates. Some of the most common loan types are conventional, FHA, or VA loans. Each has its own set of requirements that appeal to buyers in different situations.
Mortgage loan terms vary from 10, 15, 20, and 30-year terms and make a considerable difference in the interest rate you qualify for. For example, 10, 15 and 20-year mortgages traditionally qualify for lower interest rates than 30-year mortgages. Between the shorter loan term and lower interest rate, 10, 15, and 20 year-mortgages can save borrowers considerably more money than a 30-year loan term.
Fixed-Rate vs. Variable Rate
Financing your mortgage loan with a variable interest rate has the potential to save you money, but it’s not guaranteed. You see, a variable rate means your mortgage interest rate has the potential to increase or decrease throughout the entire life of your loan. Fixed-rate mortgage loans have unchanging interest rates, meaning the rate you qualify for is the rate you keep throughout the life of the loan.
Need help to compare mortgage rates? Wyndham Capital Mortgage is here to help! Chat with one of your expert mortgage loan officers today to find what type of mortgage loan, term, and rate makes the most sense for you.