When it comes to getting a new mortgage, the mortgage rates you qualify for represent one of the biggest financial factors for you to consider. A great rate could put you in an excellent position for years to come, while a bad rate might lock you into a situation that won’t be sustainable in the long run.
At Primary Residential Mortgage, we’re here to help. We have a variety of mortgage options available, and our experts will work with you to get you the best mortgage rate possible. Here are some basic tips for comparing various home loan interest rates.
Before you even get started learning about which programs you qualify for or might be best for you, lay out your goals for the home purchase. Do you want a fixed interest rate that stays the same for the full loan, or an adjustable rate that can change based on market conditions?
During this education process, become familiar with any terms you may need to know in the mortgage world. Speak to friends and family members you trust about their previous experiences with various types of home loans and rates.
As you go about the process of comparing rates between lenders, some lenders may offer you rates that seem to good to be true – often this is because they are. Lenders with limited reputations will often make these kinds of offers to try and trick buyers into going with them, so make sure you check on their rating with the Better Business Bureau and confirm they’re licensed in your state if you get this kind of offer. You’ll never worry about “too good to be true” type offers at PRMI, where we care only about being realistic and getting you the best rate possible.
APR stands for Annual Percentage Rate, which includes the full cost of a loan including interest, mortgage insurance, and origination fees. However, there are often other fees associated with a loan, including lender fees, appraisal fees, title service fees and others. Understand how these additional fees will impact your payments beyond your APR.
For more on comparing home loan interest rates, or to learn about any of our mortgage services, speak to the professionals at Primary Residential Mortgage today.
*The views and opinions expressed are my own and do not necessarily represent the official policy or position of Primary Residential Mortgage, Inc.