When you are in the market for a new home or refinancing a home, the interest rate is not everything.  Yes, it is important, but you also need to consider the loan program, down payment, monthly payment, closing costs and Google reviews of the mortgage broker. The lowest interest rate doesn’t always mean the lowest payment. A lender may have a super low rate, but the closing costs might be higher. Is it a Fixed rate or Adjustable Rate?   Also, if you are putting less than 20% down, you may be required to pay private mortgage insurance.  Mortgage Insurance increases your monthly mortgage payment. Keep in mind…if the rate sounds to good to be true, it probably is!  As a mortgage broker, we are constantly shopping for you to find the best overall scenario (mortgage rate, closing costs, & loan program).