As you’ll see in the video, 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 mortgage interest rate because it also includes the cost of points, mortgage insurance and other fees included in the loan.
Latest posts by TitleTap (see all)
- 7 creative marketing ideas for business law attorneys - September 14, 2020
- 8 creative marketing ideas for bankruptcy attorneys - September 2, 2020
- 7 creative marketing ideas for real estate attorneys - September 2, 2020