What is the best rate you have found for a mortgage loan in Dallas?

My wife and I are looking to buy a home in the near future. What is the best rate that we should expect? We have great credit and even better street cred.

What is the best rate you have found for a mortgage loan in Dallas?

I know you have vastly different mortgage options in the US over what we have here in Canadam, but I would caution against some of them.

Avoid amortizations over 25 years - I know they give you a better monthly payment, but you are paying way more in interest and leaving yourself vulnerable if prices go down.

Avoid interest only mortgages, since you are only ever paying interest, never principal, thus you are not paying off your mortgage at all.

Avoid cash back mortgages, you get a higher rate in return for money up front, meaning more interest is being paid - by you!

Avoid anything over 100% financing, you are just asking for trouble if prices ever drop.

Get a nice and simple 5-year term with a 25-year amortization and stay in the safe zone. You have got to be able to get that with a rate in the 5.5-6.5% range.

And don't be afraid to shop around, make the banks work to get your business!

Laurin Jeffrey

Toronto Condos and Lofts

www.jeffreyteam.com

What is the best rate you have found for a mortgage loan in Dallas?

You know, rate is only one piece of the puzzle and besides, by the time you are ready to buy who knows where rates will be.

You would be better served by choosing the best lender to work with, one who will act with your best interests at heart and not just with their commission in mind.

We all sell to the same investors, after all, so there isn't going to be a lot of play in the rates. The play is going to be in the cost of the financing and the quality of the personalized service you receive.

I'd be happy to give you some pointers on choosing the right lender, feel free to email me.

What is the best rate you have found for a mortgage loan in Dallas?

Depending on the type of loan your are looking for, down payment amount, loan to value etc. the current market rate for a thirty year fixed note is 5.875 %. If I can be of any assistance please contact me.