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Lucy Said:

searching for best mortgage rates?

We Answered:

You should never just give personal information on the first conversation! Get a copy of your credit report ahead of time and tell them your scores. This way you can feel them out if someone makes you uncomfortable or is pushy move on!
The best approach is to talk to a few tell them your scores how much you want to put down etc. They should easily be able to give you an idea of what you qualify for and what to expect.

you should not have to pay for an appliction but be careful of no closing cost loans they cost you alot more than you would think here a link to prive it. typically you will pay a higher rate to get a no closing cost loan! so what fees they may have will be costing you for 30 years!

Grace Said:

What are the best mortgage programs and rates and how do you know what is the best?

We Answered:

Missy....A website I have found very useful for your situation is bankrate.com. Regardless of whether you use bankrate.com, I suggest obtaining what is called a "good faith estimate" from several mortgage brokers. To help you compare apples to apples I suggest you first determine the number of points you wish to pay on the loan (the higher the points or upfront fees...the lower the interest rate.....the lower the points...the higher the interest rate.) In any event, have all mortgage brokers or banks you which to obtain quotes from base their good faith estimate on zero points, one point or two points. One important suggestion is to obtain all the quotes on the same business day because quoted rates change ever single day. Good luck with the process.

Max Said:

Which bank has the best mortgage rates in the North Jersey (Hoboken) area?

We Answered:

try bankrate.com and type in your zip code or type in your city and it compares mortgage rates for you. don't listen to people who solicit you on this!

Mattie Said:

My credit median credit score is 760. Shouldnt I be able to get the best rates available for a mortgage loan?

We Answered:

It's really more than just the score they look at, but hey don't fret having a nice score is good -- it means you're not a risk... still you need to establish yourself as financial responsible and as someone said the score alone isnt all that matters..

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Your Credit Score is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

I've got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don't and you still have any specific questions feel free to leave a comment and I'll reply.

How Can I Increase My Credit Score
http://millionster.com/articles/debt/ask…

and

10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/inc…

Also be sure to check out the promotional links I've listed here to help you get a better picture of your creditworthiness:

MyFico's Full Credit Report
http://millionster.com/go/myfico...

Suze Orman's Credit Report Repair Kit
http://millionster.com/go/suzekit...

30-day Trial of Credit Score Tracker with Free MyFico Score
http://millionster.com/go/fico30...

Gwendolyn Said:

What bank has the best mortgage rates ?

We Answered:

Go to www.bankrate.com to find the best rates in your area.

Norman Said:

What is the best way to shop for mortgage rates?

We Answered:

Generally credit unions offer very good rates because they are non-profits so they have lower costs. I particularly like the Navy Federal credit union and the Pentagon Federal Credit Union.

The first thing to do is to get your credit report for free at www.annualcreditreport.com and check what is on there to make sure your report is accurate. If it is not, and there are negative items on there, get those cleaned up.

If you are a first time homebuyer, check on www.hud.gov or at the department of housing in your city or county to see if there are any special deals for first time homebuyers. I got a mortgage under something called a "mortgage credit certificate" that saved me 20% off of the interest costs.

If that doesn't work, try to do all your rate shopping within a 2 week period of time, so it has the least effect on your credit score.

There is a "homebuying for dummies" book you can get at your library that has pretty good advice on how to shop for a mortgage. The biggest thing is to make sure you compare APR (annual percentage rate) not just the rate quoted, because sometimes a low rate comes with huge amounts of fees and points, and they offset the low rate.