DIY Wealth Creation

When it comes to shopping for a mortgage, there are many things to take into consideration.

First, you must be certain that you are getting mortgage rates for your specific location, as mortgage rates may differ from state to state.

If you live in Baltimore, you may want to search for something like Baltimore Mortgage Rates.

By doing this, you guarantee that you are obtaining rates that are accurate within your particular city and state.

Second, you want to ensure you are comparing apples to apples, so when inquiring about interest rates, always be sure to ask for an Annual Percentage Rate, or APR, as well.

Your Annual Percentage Rate is merely your quoted interest rate plus any other costs associated with the loan, expressed as a percentage. This is really the only way to ensure you are getting an accurate interest rate quote.

For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you will know that the other costs associated with that loan are very high, and you might even be paying points.

If, on the other hand, the quoted rate was 5.000% and the APR were just 5.125%, this would indicate that the costs associated with that particular loan are very low.

Usually, the APR can be found on your Truth-in-Lending agreement, or TIL, so make sure to obtain this disclosure prior to locking in your interest rate. This will ensure that you receive the APR in a timely fashion.

Following these simple steps can help to ensure that your mortgage shopping process is quick and painless.