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As a homeowner you may know the lowest mortgage rate should result in a lower mortgage payment, but how do you get a lower rate? Here’s an insider’s guide to mortgage interest rates and how to Get Lowest Mortgage Rates.

Mortgage Rate Tips and Secrets

Did you know the average homeowner in the United States overpays $100 or more per month for their home loan? This because the person arranging the loan pulled a fast one with the mortgage rate… In fact, the Secretary of Housing and Urban Development stated this mortgage trick will cost homeowners in the United Sates sixteen billion dollars this year alone. Don’t want to be a victim of this statistic you say? You don’t have to be…and I’ve got the tools for you to ensure that you’re not.

The Federal Reserve lowering interest rates has nothing to do with mortgage rates, how can you get the lowest mortgage rate for your next home loan? The trick to get the lowest mortgage rates isn’t to shop for the best loan or lender, but to find the right person to arrange your loan.

Mortgage loans are basically retail products and the mortgage quotes you receive online or from your local mortgage broker have all been marked up to create an extra commission for the person arranging your home loan. It doesn’t matter if you get your mortgage from a broker, your bank, or even that faceless internet mortgage lender you see on television, they’re all marked up in one way or another. The good news is that this markup of your mortgage rate is not only unnecessary, but it can be avoided.

Where to Get a Mortgage Loan

Where is the best place to get a mortgage loan?

The best home loan around isn’t going to be from a place, it’s from a person.

Who Is the Right Person to Arrange Your Mortgage?

The right person isn’t a mortgage banker or the hotshot broker in the yellow pages with a company hummer. What you’ll need to find is a small-time, self-employed mortgage broker willing to work for a flat fee without marking up your mortgage rate for an “extra” commission.

Mortgage Junk Fees

Just because you find a mortgage broker willing to work for a one percent origination fee doesn’t mean you shouldn’t be concerned about junk fees. There are a number of junk fees that mortgage brokers slip into their loans just to boost their fees. You should carefully review your HUD-1 statement for junk fees prior to closing. Don’t rely on the Good Faith Estimate you receive as this document is little more than marketing propaganda used to lure homeowners into overpriced mortgage loans. When it comes to fees your HUD-1 Settlement Statement is the final word.