Devote any time on the internet or reading the newspaper, and you will see hundreds of ads for the best mortgage rates around. How can all of them have the greatest rates, you ask.

The most important way to avoid headaches is to know your bank. If you don’t know the bank that offers the best rate, make sure you find out about it. You can do this by talking the Better Business Bureau, or the government banking commission.

Make sure the lender has experience with your particular type of mortgage. You also want to have a broker with a lot of experience, so find out how long they have been in business. Experience in closing thousands of home loans can make a difference when you close your loan.

Conduct a lot of research. Yes, it is difficult to separate the wheat from the chaff, especially on the internet. But if you know which kinds of mortgages are available, and which are the best in your own circumstances, this knowledge will be helpful. Make a comparison chart of all of the banks you contact.

Another factor to consider is who the rates you are quoted apply to. Most of the time the advertised rates are for the most credit worthy borrowers, and premiums are added to anyone with a lesser credit rating. learn what those premiums are so you compare rates that will apply to your circumstances.

Once you have this thorough list, you can pick the lender that will be best for you. As they say, if it sounds too good to be true, it most likely is. It is expected to find some differences in the rates you are quoted, but if any of them are way out of line with the others, it may just be a scam.

Don’t let any lender force you into a quick decision. Any broker who does not take the time to explain everything properly to you should be eliminated from your list. You have to be sure you understand each aspect of this important transaction. Walk away from any broker hesitant or unable to answer all of your questions.

After you have reached agreement on all the terms, get a written confirmation. Be sure all of the terms are in the agreement; a broker should not tell you “we’ll work that out later”. In the case of an adjusted rate home loan, the index the ARM is based on should also be in the agreement. If you have a lock in period, make sure all of the details of it are in this document. Finally, be sure the written record is on the letterhead of the broker or lender, and duly signed. Most headaches in home loan closings are the result of issues that are not confirmed in writing in advance.

When you get the written agreement, read it and understand it. Many times, what you have agreed to will be translated to in non understandable legalese. Have it changed to clear wording so you understand what the terms are. Once again, if the lender is unwilling to do this, run away.

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