Friday, March 09, 2007

Mortgage Refinancing – When Is The Best Time To Get An Interest Rate Quote

Mortgage refinancing can save you thousands of dollars if you take the time to research mortgage offers. Mortgage rates fluctuate on a daily basis and the time you request a quote can make a difference. Here are several tips to help you find the perfect mortgage rate when refinancing your mortgage.

The best time to request a mortgage rate quote is usually after 9am EST. The reason for this is that government economic reports are typically released around 9am on the east coast. If you check too early in the morning many lenders may not have priced their rate sheets for that day. Check too late in the afternoon and the markets may already be closed meaning you'll have to wait until the next morning to get your rate quote.

The mortgage rates you see published in the newspapers are several days old and not worth your time. Because of this delay in publishing don't expect to get the rate you see printed in the paper when you call your loan representative. When shopping for a mortgage rate quote get your quotes on the same day and try to collect them at the same time of day.

Comparing rate quotes from different loan programs is meaningless when comparison shopping for the best loan. Always compare rate quotes from one loan program and make sure you get a quote for all lender fees associate with that interest rate. This means if you have to pay two points upfront to qualify for a given mortgage rate, this is important information to know when comparison shopping. You can learn more about your mortgage options, including costly mistakes to avoid with a free mortgage tutorial.


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