Fact vs. Fiction Archive

Fiction: Mortgage prices donít fluctuate much during the week.

Fact: Mortgage prices change daily, so when youíre shopping for a loan, it's important to compare mortgage terms on the same day. In addition to checking with your bank, try credit unions, mortgage companies, and even online. If you want more time to consider your options, do your looking on Fridays, as prices will generally hold through the weekend. Be sure you understand the complete cost of each mortgage, including the rate, points, and fees. Once you've found a mortgage lender and loan, start negotiating for the best possible deal. After negotiations have been finalized, ask your broker or lender for a written lock-in to protect you from an increase in the rate while you complete the mortgage process.

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