Points to Ponder Regarding Rates

Points to Ponder Regarding Rates

Points to Ponder Regarding Rates

Your Mortgage Loan Coach has come up with a list points to consider regarding MORTGAGE RATES

Mortgages are not commodities. When you are searching for mortgages (or Mortgage Loan Officer) do not make the mistake of thinking "it's all about the rate". Price and monthly payments ARE important but strongly suggest you find someone you trust to help you conduct what may be the largest purchase you have ever made. If you need any pointers click here.

What are the fees and are they reasonable? Find out what the loan will cost you, and ask your Mortgage Loan Officer what the fees are for, and why they are charged. While some fees might not be avoidable, know that many fees are "junk fees" and may be negotiable. You will get a Good Faith Estimate and Truth in Lending; unfortunately, it is YOUR job to make sure you understand it or to ASK QUESTIONS!

Question how many ORIGINATION POINTS you are being charged. If you are agreeing to pay origination points, ASK if this really reduces your rate or is it "a cost of doing business?" A rule-of-thumb is to avoid paying any points if you plan to live in your home less than 10 years.

If you are going to be paying DISCOUNT POINTS (which are to "buy down" the rate) Ask for an amortization schedule to show you EXACTLY how much you are saving and think about initial cost vs. longtime costs.

When you ask about your interest rate, also ask about the APR (Annual Percentage Rate) and if you have questions, ASK! APR is the entire cost of doing the loan; an amortization schedule will calculate the ENTIRE cost of your loan using the principal balance, your interest rate, and the term and will give you the TOTAL COST OF LOAN when you make all the payments as scheduled.

Know that there is not a binding agreement with your Loan Officer and if you do not "Get the Mortgage You Deserve", You CAN go elsewhere!

At the end of the day YOU are the one who is going to be paying the mortgage, MAKE SURE you are comfortable with the terms!!!

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