Tuesday, July 2, 2002

Compare Mortgage Rates in Port Saint Lucie, Florida

Comparing mortgage rates in Port Saint Lucie, Florida, could help save you thousands of dollars in finance charges over the life of a loan. Understanding different types of loans will be important as well, as that can help prevent you from falling for rates that seem low at first but may increase dramatically over the life of the loan. You can begin shopping for a loan even before selecting a house.

Instructions

    1

    Make an appointment with a government-housing counselor in Port St. Lucie, Florida. Find a counselor by checking the website for the U.S. Department of Housing and Urban Development (see Resources). Housing counselors are most known for helping people with problems, but they also offer pre-home buying counseling sessions.

    2

    Ask the credit counselor about interest rates and terms currently being offered in Port Saint Lucie. As a HUD-approved housing counselor, she should have detailed information on current rates offered by the local lending community. The counselor should also be able to tell you about the different kinds of mortgages being offered by lenders in Port Saint Lucie.

    3

    Get a copy of your credit report and score. Order the credit report from Annual Credit Report -- a website managed by nationwide credit bureaus Experian, TransUnion and Equifax. They operate the site to offer free credit reports as required under the terms of the Fair Credit Reporting Act. Navigate to the website to view and print your report (see Resources). Order your credit score separately, for a fee. You are entitled to three free reports a year -- one from each of the three credit bureaus.

    4

    Call around to banks and credit unions in Port Saint Lucie. Ask to speak to a mortgage officer. Tell him you are looking for a mortgage, and then give him your credit score and a little about your credit history. Ask what interest rate might be available for you based on your score and credit background. Also, rely on some of the advice from the housing counselor as you ask about interest rates on different kinds of mortgage programs, such as 30-year fixed mortgages and adjustable-rate mortgages.

    5

    Apply for "pre-approval" on some mortgages to get a better idea about total costs. Compare and rank the mortgages in Port Saint Lucie based on their interest rates -- as well as fees and overall cost over the life of the loan.

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