A few tips: 1) You should apply at at least 2 lenders. If you feel more comfortable with one of the lenders, ask them to beat the other lender's rate. When evaluating loans from different lenders, be sure to compare the APR (Actual Percentage Rates). Also, you should determine how much you can afford to spend on a house, factoring in your expenses, maintaining a house, insurance, and how much you want to save. Do not rely on the lender's calculations, because they want you to take the biggest loan possible, so they will get more profit. 2) Keep in mind that average mortgage rates are just a benchmark. Borrowers with healthy credit profiles and strong finances often get mortgage rates well below the industry norm.
