5. Shop among multiple lenders
When searching for the best rate, even for a refinance, do the necessary research to make sure you’re getting the best fit for your situation. Look beyond your bank or credit union, talk to multiple lenders and explore options online.
“Shop and compare based on the loan estimates received,” Saunders says. “You wouldn’t normally purchase a car without test driving it first. Test drive your loan before proceeding with your purchase.”
6. Lock in your rate
Sometimes the closing process takes several weeks, a period in which rates can fluctuate. After you sign the home purchase agreement and have secured your loan, ask your lender to lock in your rate. The service sometimes comes with a fee, but it might pay for itself if rates rise.