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In the economy that we live in today, it is important to obtain mortgage rate quotes from various lenders and to compare them in order to find the one that best suits your needs. Rates for mortgage loans change on a daily basis and in some cases multiple times in one day depending on the economic variables.

In order to obtain the most accurate rate quotes you should try to get all of them on the same day to ensure that all the variable will be the same. Most lenders offer mortgage rates on lock period. You may be asking yourself, what is a lock period. A lock period are mortgage rate that are on pricing sheets mostly in increments of 15, 30 and at most 60 days.

This also refers to that these rates are only valid for a limited amount of time. If you choose to use a  mortgage rate sheet, make sure that you compare rate quotes that are from the same lock period. Mortgage rates are classified on a scaffold pricing range that you can buy a particular rate based on points.

It works this way: if your home mortgage rates has a high rate then you points will not be high, but if you purchase a reduced rate then you point will increase. It is good practice to compare quotes that have equal or less points, in most cases you want to look for one point or even zero. Another great practice, is to have a lender give you a mortgage rate quote that is separate from all other taxes, insurance, interest and fees.