The Cost of Your Mortgage Loan
The same care and consideration you give to finding the right house with a Sacramento Real Estate Agent should be applied to your search for the right mortgage lender. For most home-buyers a major determining factor in selecting a lender is the cost of the mortgage loan. But how do you determine the cost of a mortgage loan?
A number of fees are associated with the mortgage loan, including:
The APR was designed to help borrowers understand the relative costs of a
mortgage loan. The APR takes into account the various fees associated with
the loan, which is why it is often higher than the interest rate. Understand
that not all lenders calculate a loan's APR in the same way. That is why
this should be only one of the factors used in selecting the best mortgage
Locking-in Interest Rates
Another factor to consider when selecting a lender is whether the lender will lock-in the mortgage's interest rate and points. Click here to learn more about lock-in options.
We will continue to promote fair competition preventing monopolies in the real estate business for the benefit of all consumers as lower commissions keeps more of homeowner's hard earned equity in their pockets.