Wanting to find the best rate seems to be a question that comes up quite often. There is good news on this topic. Although interest rates vary from one lender to another, we all are much closer in rate than ever before. This is because of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Because of this legislation, lenders must keep their pricing in a narrow range based on national averages.

Keeping this in mind, I would suggest instead of shopping for the best rate, a borrower would be best served by shopping for the best structured loan. This means that you need to be reaching out to experienced lenders that have access to all loan and mortgage insurance products available. A good loan officer will be able to give you the best value by taking the time to interview you to determine your short and long-term financial goals and help you choose the best mortgage.

What should your lender be considering when providing the best value? An experienced lender understands how the following items impact a loan and work together in getting you the best deal.

• Down Payment
• Loan Type
• Mortgage Insurance - how it's paid
• Who is included on the loan

I recently had a buyer call me and say if I could beat their current lender's rate on a conventional mortgage I would get the deal. My rate was exactly the same as the other lenders. I didn't stop there however. I showed the borrower how we could re-structure their mortgage insurance to eliminate monthly payments. This change raised their interest rate mildly, but saved them over $100 a month.

Borrowing money for a home has become complex both in qualifying and in getting the best deal. For both of these reasons, it is important to take the time to find a professional lender. He or she needs to listen to your needs, ask you the right questions and Structure your loan to fit your specific needs and goals. It is not reasonable for a home buyer to understand these complexities - that is why you hire a professional.