1) Is there a website where we can check as what banks are giving excellent mortgage interest rates ?
2) Do we have to look only local banks where I live ? If I live in ILLINOIS , do I have look for a lender or bank in IL only ?
3) Any suggestions as which bank is excellent ?
the best way place to start is it’s very similar to progressive where you can view side by side loans and compare the differences between them
There are a few ways to check -
First Bankrate.com allows you to search based on interest rates and will list from lowest to highest if you want. Also, fill out the form at lendingtree.com and you should get up to four banks you can negotiate with.
A excellent mortgage broker can shop around for you and get the best rate going for your financial situation (remember that brokers make money off commission, so it is not always in their own best interests to get you the best rate).
Irrevocably, call around yourself. You do not have to call just local banks as many inhabitant banks may be licensed to do business in your state. The state banking agency should have a list of all banks licensed to offer mortgages in Illinois.
Remember that rates fluctuate daily, if not hourly and the bank giving the best rate today may not be the bank giving the best rate tomorrow.