Comparing Mortgage Rates

When you're shopping for mortgage rates between different lenders, knowing how to compare rates could save you a substantial amount of money in fees and interest Here's what you need to know

There are two rates: the interest rate, and the annual percentage rate or APR The interest rate is what determines your mortgage payment The APR determines how much in fees you will have to pay the lender in order to secure your mortgage Fees may the loan origination charge, points, credit report, government taxes, loan application, and title services Two different lenders can have the same rate, but one could have a higher APR, which means you'll pay more in fees for that mortgage

So when comparing rates between lenders, pay attention to the APR To accurately compare costs, you'll need the loan estimate from each lender It's the disclosure the lender is required to provide you detailing all of the costs associated with buying a home The good news is you don't have to apply or pay any fees to get a loan estimate Would you like to learn more? Dollar Bank mortgage experts are ready to help

Call 1-800-344-LOAN, or visit dollarbank/mortgages

Source: Youtube

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