How does the interest rate factor in securing a mortgage loan?
A lower interest rate allows you to borrow more money than a high rate with the same monthly payment. Interest rates can fluctuate as you shop for a loan, so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of time. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance, and other fees included in the loan.
A lower interest rate allows you to borrow more money than a high rate with the same monthly payment. Interest rates can fluctuate as you shop for a loan so be sure to ask us about a rate “lock-in” which guarantees a specific interest rate for a certain period of time. Blue Water Mortgage will disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance and other fees included in the loan.
Lower interest rates allow you to borrow more money than a high rate. Interest rates can vary as you look for a loan, so ask lenders if they can “lock-in” you rate which will guarantee a specific interest rate for a certain time period. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. Your APR shows the cost of a mortgage loan by conveying it in terms of a yearly interest rate. It is higher than the actual interest rate because it includes the cost of points, mortgage insurance, and other fees included in the loan. What happens if interest rates decrease and I have a fixed rate loan? If interest rates drop significantly, you will want to consider refinancing. Many experts agree that if you plan to be in your home for at least 18 months and you can get a rate 2% less than your current one, refinancing is a good idea. Keep in mind that refinancing may involve paying many of the same fees paid at the original closing, plus origination and application
A lower interest rate allows you to borrow more money than a high rate with the same monthly payment. Interest rates can fluctuate as you shop for a loan, so ask-lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of time. Remember that a mortgage lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance, and other fees included in the loan.
A lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan, so ask-lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of time. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance, and other fees included in the loan.
