Marilyn, I would agree with Brent, the rates frequently found on websites may even be teaser rates.
There are also State of Michigan and USDA Rural Development loans available that may provide an even lower rate. I suggest looking on these websites to see if you qualify.
http://michigan.gov/mshda
http://www.rurdev.usda.gov/

I suggest taking your time and interviewing several lenders and asking each to review your options. I also suggest not paying up front for loan pre-approval. There are some lenders that will charge a few hundred dollars to try keeping you as a client. If there are no lenders in your area offering free pre-approval I can recommend two. No obligation.

Sat May 17 2008, 15:21

Marilyn,

Absolutely you can look online to check daily mortgage rates. I think you will find that they will vary from website to website. However, they are qouting you the lowest rates on specific programs, most likely conforming, IF you qualify. So what I would say is, that if you know any bank will do your loan, and there is nothing funny or weird about it you will most likely get an accurate quote by searching online at different banks.

What I have realized is that some, not most but some consumers think mortgage rates online are universal for any type of loan. That is flatly false. I've even had people with 580 scores thinking they can buy an investment property at the conforming 30 year fixed owner occupied rate that they saw online.

I would recommend you talk to a couple different banks, just give them your scenario and they should be able to provide you with accurate rate quotes and closing costs according to that day, because they do change every day. In the meantime good luck, and let me know if you need further assistance!! :)

Sat May 17 2008, 13:41