When it comes to shopping for a mortgage, there are many factors to take into consideration.

First, you want to be certain that you are getting mortgage rates for your specific location, as mortgage rates often vary from state to state.

If, like me, you happen to live in Baltimore, you could simply search Google for Baltimore MD Mortgage Rates.

By doing this, you are ensuring that you are obtaining rates that are accurate within your particular city and state.

Second, you need to ensure you are comparing apples to apples, so when asking about interest rates, always be sure to ask for an Annual Percentage Rate, or APR, as well.

Your Annual Percentage Rate is merely your quoted mortgage rate plus any other loan closing costs, expressed as a percentage. This is really the only way to ensure you are getting an accurate mortgage rate quote.

For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you will know that the fees associated with that loan are very high, and you might even be paying points.

If, on the other hand, the quoted rate was 5.000% and the APR were just 5.125%, this would indicate that the fees associated with that particular loan are very low.

Normally, your APR is found on your Truth-in-Lending agreement, or TIL, so make sure you obtain this document prior to you lock in your interest rate. This will ensure that you get the APR in a timely manner.

Following these easy steps can help to ensure that your mortgage shopping process is quick and painless.

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