So how do you get that low, unheard of interest rate that all your friends and neighbors brag about?

Well, all you have to do is tell your account executive (salesperson) what you want!

You see, account executives have a job to do. That job is to sell you on the highest rate and fees that they think you will buy. Just because an account executive (salesperson) tells you that you only qualify for one rate doesn’t mean that it is true. Remember, in most cases, the higher your rate and fess the larger the commission that goes in your account executive’s back pocket.

You must be tough with them! Let your account executive cater to you, and don’t be afraid to call their bluff. Also, you have to shop around. Most companies will find a way to give you the rate you want if you find another company that is in the same ball park of that rate.

When shopping around keep the following in mind:

1. Always ask for an amortization schedule. This will show your payment, rate, and interest charges for the length of the loan.
2. Make sure to get both adjustable and fixed rate quotes. (the more quotes you have the better prepared you are)
3. Get everything in writing!!!!! Companies won’t believe you if you simply tell them that a different company offered you a better rate.
4. Compare each and every quote and TAKE YOUR TIME. This is your home we are talking about. Make sure the mortgage is on your terms not someone else’s.
5. Tell the account executive you want a tleast a 15 day guarantee on your rate and fee in writing.
6. Finally, make sure to look over the documents with your lawyer before you sign anything.

About the Author

Benjamin Ehinger has an extensive mortgage background and has studied the industry for many years. To learn more about Refinancing and Second Mortgages visit:
http://bandcdriver.tripod.com/second-mortgage.htm