How to Get the Best Mortgage Rate

Bargain mortgage rates are the latest sales strategy from builders struggling to sell homes. As mortgage rates fal to near historic lows, lowest since 1956, home buyers are looking for ways to get the buyer in the door. The latest sales promotion: Lennar Corp is offering is a fixed 3.625% rate over the life of a 30-year fixed rate mortgage. This is the best seen in many many years. Bargain mortgage rates are the latest strategy for many but you must look at the fine print. Low rates are often only available on "select" homes, and the loan amount is often restricted, with high minimum credit scores in the 700's. You might also be asked to put 10% down, which could be hard to come up with in this economy. While some builders acknowledge that price cuts are the most effective way to move inventory, such cuts could cause buyers who have already bought a house at a higher price to walk away from their deposits.