Who is offering the best mortgages right now?

Need to take out a 387,000 dollar mortgage. Putting 5% down. What fees are negotiable? Which fees arent? What is my best move?Who is offering the best mortgages right now?
I would suggest looking at


http://www.bankrate.com/





Your situation will be unique. Since you aren't at the 80% Loan to value mark, you may want to look at Lender MI. That way you don't have to pay PMI, which on a house that size it will take a while to get to 80% LTV. So I woul go with lender MI because you will only have to pay probably .5% more in interest rate and not have PMI. That means right now you probably could get a mortgage at 6.25%. which is pretty good. considering your loan to value.





Or you could go with a two loans an 80% loan and 2nd mortgage loan, but generally the 2nd is much higher rates. So you need to look at the whole picture.





My first house I bought with lender MI, I had 6.625% which was O.K. but now that I have been there for 2 years I now refinanced the whole thing to a 15yr fixed rate @ 4.625%


So I got that working for me, which is nice.





As far as the Fees are concerned they are pretty standard in the retail business, if you go wholesale different brokers charge different broker fees.





Retail generally has lower fees but higher rates


Wholesale generally has higher fees but lower rates





based of the size of your mortgage you may want to get a broker working on it for you. Just be wary of their fees. Brokers get more on bigger loan sales. Add to your question if you need better clarification.


Oh and keep tabs on the bond market 10yr Treasury notes in particular they drive when it is best to lock in a rate.


That is why I got 4.625% because I timed it perfectly. That is without buying the rate down too. And I just closed on the 8th of February so things have changed drastically.Who is offering the best mortgages right now?
Your best move is to not go with people who are in here spamming for business and who will email you solicitations.





What is negotiable depends on the lender and the title company, but those fees are negotiable. Ask questions and negotiate the fees down.





I always recommend that you look at the total package, make sure you are comparing apples to apples.