Should I forget the type of mortgage provider and focus instead on who advertises the lowest rate?
You can, but you have to remember that there is no guarantee you will get the rate advertised. This rate may only be a temporary sale and expire by the time of closing, which could be 30 to 60 days later. To get a loan with what is called a longer lock in period, you usually have to pay a higher rate. In addition, interest rates can change daily. The better way to compare lenders is to ask what the rate would be if you closed within 90 days (or whatever your timeframe is). Also, get everything in writing.
