subject: How To Find The Lowest Mortgage Rates In California [print this page] It is no rocket science that everybody would love to avail the lowest mortgage rates in California. However, as you might know, it does take quite a lot of effort to locate the best deal from all the options. Following is a quick run through of three useful tips to get the best deal.
Search for the lowest home mortgage rates: One must never blindly accept the builder or realtor's referral to go for their preferred lender. Statements like We know this person and he is very efficient and This particular lender will give you the lowest home mortgage rate are very common. In reality, there is some sort of an arrangement between the two parties, with nothing for you to benefit from. Mortgage Loan officers working via a referral network generally do not have the lowest mortgage rates in California since they get many leads as it is. It's best to shop for the lowest mortgage rates on your own, and then contact this preferred lender to ask if he can match that quote. If he can, it's good enough, and if not, you will certainly save thousands of dollars over the next many years.
Call for quotes after 11 am Eastern time: Mortgage rates change every day, and often, during midday. The rates of the previous day usually expire by around 8:30 am the next day, and the maximum chances of finding the lowest mortgage rates are if you call after 11 am, since that is generally the time when the home mortgage rates are published, although this depends on each lender as well. Still, as an industry, standard, 11 am is the time for getting fresh rates, and you would do best to get the latest rates to avoid any confusion or last minute hassles while you are finalizing things. If you do not follow this practice, a situation might come that you have yesterday's rates from some lenders, and today' rates from the others, which can certainly skew the chanced of accurately finding the lowest home mortgage rates. Another benefit of calling after 11 am is that sometimes, due to a volatile bond market, rates change during midday, and some lenders adjust the discount points for their rates in coherence with the updated bond prices, and publish new rates for the day, while others might not make any changes. In either case, you will get the most updated and accurate information for the lowest mortgage rates in California.
Tell the Mortgage Loan Officer you want to apply for a loan RIGHT NOW: While speaking with the Home Mortgage Loan Officer, tell him that you are rate shopping, and have a 'ratified contract' to purchase a house, and thus, need to make a decision and lock-in the lowest home mortgage rate you can find for that day. In case he asks how his rates compare to other lenders, tell him he is the first person you have called. Further, in case you are refinancing, tell him that you are ready to go for a Refinance Home Mortgage today. If you don't say this, he will most probably give a fake mortgage quote.
