How to Find Accurate Mortgage Bank Rates

Mortgage rates fluctuate up and down depending on the current real estate market and economic conditions. Mortgage interest rates vary between different banks as well. However, obtaining accurate mortgage rates is easy if you know the right places to find this information.

• Determine your credit score. Your credit rating and FICO score will largely determine the rate you receive, so knowing this information prior to starting your search is imperative. All consumers are able to receive a free credit report each year from Equifax, TransUnion and Experian.


• Decide what type of mortgage loan is right for your financial situation. The two most common mortgage options are fixed-rate mortgages and adjustable rate mortgages. In addition, decide if you want a 30-year or 15-year mortgage. 


• Contact banks offering mortgage options in your community. Call or email local financial institutions and ask for their current mortgage rate. Be honest about your credit rating for the most accurate quotes.


• Use the Internet. Visit websites featuring comparisons of mortgage bank rates. Find out when the rates were last updated to ensure the information is accurate.


• Call your credit union to find out their current mortgage rates. Credit unions often have lower interest rates than other banks. In addition, credit unions may be more lenient in extending credit than traditional financial institutions. Most credit unions have restrictions on who can join, so find out if you are eligible through your employer, school or volunteer organization.