Mortgage rates are low at the moment and you may be thinking of refinancing your home or purchasing a new one, but make sure you are comparing loans thoroughly.
Compare rates at banks and mortgage web sites. When comparing any financial decisions, I always put all the information on a spreadsheet to compare.
Things to look for:
Points (prepaid interest)
Interest rate (it will be lower if you have a high credit score)
Interest rate (it will be lower if you have a high credit score)
Loan costs
Appraisal fees
Broker Commission
Note: The Federal Trade Commission has a shopping for a mortgage worksheet
If you don't have much longer to pay on your current mortgage it may be worth putting any fees you were planning to pay on a new mortgage toward the principal. Bankrate has a mortgage calculator you can use along with an amortization schedule.
