How Do You Determine the Best Mortgage Interest Rate?

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Interest rates are the lowest they have been in decades, but how do you know you are getting the best rate possible?  How do you know what the current best mortgage interest rate is? 

When Homer Buyer was shopping for a mortgage to buy his house, he went to several lenders and received quotes.  He had never got a mortgage before, so he wasn’t too sure about all the terminology. 

The lenders seemed to speak a different language.  One lender had a 5/1 ARM with a 4.9% interest rate and an APR of 5.2% and 1.5 points.  Another had a 30 year fixed with 2 points with an interest rate of 4.65% and an APR of 5.3%.  Which one is the better deal?

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Comments (0) Apr 19 2009

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