Author Topic: Mortgage rates, should I keep shopping?  (Read 2634 times)


  • Bristles
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  • Age: 35
  • Location: Los Angeles, CA
Mortgage rates, should I keep shopping?
« on: January 20, 2013, 10:11:42 PM »
I'm 23, got pre-approved for a mortgage at 3.75% on ~50k (same rate applies to different down payments).  My credit scores are currently 760, 803, and 815.  I don't know if it makes the difference, but I'm also in Indiana.

This is so far the only bank that I've checked with, should I shop around a bit or just take what I think is a pretty good rate?


  • Pencil Stache
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Re: Mortgage rates, should I keep shopping?
« Reply #1 on: January 20, 2013, 11:21:49 PM »
Check out a local credit union.

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  • Walrus Stache
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Re: Mortgage rates, should I keep shopping?
« Reply #2 on: January 21, 2013, 06:21:22 AM »
What percentage of the purchase are you financing?  How much of the closing costs is the lender absorbing?  Is this an owner-occupied house?  What is the term of the loan?  All these things impact the rate and terms.

Rates have moved up a little, but you should be able to get 3.25 to 3.375 on a 30 year fixed if you shop around.  The problem may be the size of the loan.  Lots of lenders won't bother with small loans like this one.  Shop one or more of the rate aggregator sites and check with a couple of other banks and credit unions.  Also ask around for referrals to local loan brokers.  They can shop more products, but may not be interested in a small loan.


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