No one tells you to shop your mortgage
Something that first time home owners are not often told is that you should shop for your mortgage, but rates can vary from institution to institution. Several banks also have incentives that they can offer.
Call your bank because you have a relationship with them, ask friends who their financiers are and ask your agent who they recommend. Call them all before you even start looking at houses, and remember that you are the client. You have every right to interview them, ask them questions such as:
-How long will it take to close
-What are the risks that we won’t close in time
-What was the last IR you were able to offer a client this week?
You should be able to ask these questions without disclosing any of your personal information. Think twice before giving your personal information to too many people, as they will run a soft credit check in order to get you a rate quote.
Once you’ve had this conversation with several people, you can choose one institution to get you pre qualified.
Here is a look at historical mortgage interest rates.