What’s the best advice for people who are buying or refinancing a home? Get the best mortgage. According to the Pennsylvania Institute of Certified Public Accountants, shopping around for the best mortgage deal you can find and being informed about the right questions to ask mortgage lenders are critical things to do.
Get the facts about rates
The mortgage interest rate will affect your monthly payment amount, so as a general rule you will want to find the lowest rate possible. Be sure to ask, however, whether the lender is offering a fixed-rate loan or an adjustable-rate mortgage.
With a fixed rate, the interest rate will remain the same for as long as you hold the mortgage. With an adjustable-rate loan, the rate can change based on the direction of interest rates in the credit markets.