A bit of education is your best insurance policy for getting the best mortgage interest rate. Know that there is a level playing field for mortgage rates and understand your options so you can pick the best loan program to meet your individual needs.

You will find very little differences in interest rates among competing lenders, because the nature of the "secondary market" insures there is a level playing field. Most lenders sell mortgage loans to two large investors who make the secondary market, the Federal National Mortgage Association (known as "Fannie Mae") and the Federal Home Loan Mortgage Corporation ((Freddie Mac"). Fannie Mae and Freddie Mac buy loans from lenders and package them into mortgage-backed securities sold on Wall Street.

While the rates on a particular loan program say a 30-year fixed mortgage, will vary little between lenders, the advice you get can make a big difference in the rate you pay. A good lender will ask you how long you expect to stay in your house and/or hold onto your mortgage and find out whether your needs might be better served by one of many lower-interest loan programs.

For a free consultation to discuss which type of mortgage loan will work best for you, call Victoria Spannaus at Wachovia Mortgage Corp. at (800) 741-7813 or 910-692-6225.