X

The new conforming loan limits for 2022 have been announced, an increase of more than 18% over 2021, and up by more than 52% since 2017!

The new conforming loan limits for 2022 have been announced, an increase of more than 18% over 2021, and up by more than 52% since 2017!

Where do I find a lender's current mortgage rates?

If you are a prospective homebuyer or a homeowner interested in a refinance, one of the most important steps to take is to find a lender. Not only do you want to find a responsible, reputable lender, but you should also check each lender's current mortgage rates. You can find a list of lenders by state with their current mortgage rates on the HSH.com's lender showcase.

Current mortgage rates and local lenders

While some lenders are licensed to approve loans in every state, not every lender can offer loans in every area. Start by searching for a local lender so that you can be sure you are working with someone who understands the financing and settlement requirements in your state. Then compare current mortgage rates among lenders.

Questions to ask your lender

As a borrower, you should consider contacting two or three lenders to make sure you are getting the best deal. Make sure you compare loan programs and understand the differences between various loan offers. It is important not only to check current mortgage rates, but also to determine whether you will need to pay points in order to qualify for a particular rate.

Here are some questions you should ask each lender about the loan you are offered:

  • Is this an adjustable-rate mortgage or a fixed-rate loan?
  • What is the minimum down payment requirement for this loan?
  • Will I need to pay points at closing to get the quoted rate?
  • Will I need to pay private mortgage insurance?
  • What will my entire monthly total be, including principal, interest, taxes and insurance?
  • Is there a prepayment penalty on this loan?
  • How long can I lock in the interest rate?

The key to financing your home and being comfortable with your monthly payment depends on the loan's interest rate and your personal understanding of any risks the loan might pose.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: What is the cost of getting a mortgage loan?
NOV 11, 2021
A:

 Costs and fees can vary depending upon lender policies and certain of the choices you make when you get your loan...

Read More
Q: What is the down payment required to get a mortgage these days?
NOV 03, 2021
A:

A: While some 100% financing may be available...

Read More
Q: Are reverse mortgage interest rates fixed or variable?
NOV 03, 2021
A:

If you are a homeowner age 62 or older and have equity in your home, you may be considering a reverse mortgage as a way to boost your retirement income.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen