First time home buyer (how to shop for the best interest rates)

[Oneil Okpaleke]

Hello everyone,

I am a small business owner, I have good credit, make decent money, and have about 20k saved up for a down payment on a first-time home purchase.

I live in Lubbock Tx, where decent homes go for about $150k and upwards.

Questions:

1) it is a good decision to purchase a brand new home for about $190k since the prices of older homes are soaring at the moment. 

2) will interest rates be more on brand new construction?

3) how do I shop around for the best interest rates, as I am currently pre-approved from my bank for 199k and 5% down.