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Finding the lowest mortgage rate possible could quite possibly be the biggest financial impacting decision you will ever make. An extra 1% per year on a house that has a $300,000 mortgage is $3,000 extra per year so by finding the lowest rate possible you could literally save thousands of dollars per year and tens of thousands of dollars over the life of your mortgage. You want to make sure that the mortgage company you are going with is reputable and you always want to have a lawyer read over the contract to make sure it is in your best interest.
You should always compare different mortgage terms when deciding what will work best for you. There are 15 year and 30 year mortgages available. The 15 year mortgage will have a lower mortgage interest rate, but the monthly payments will be higher since you are paying off the mortgage in half the amount of time as a 30 year mortgage. There are also fixed and variable rates. Companies may offer a lower rate to start, but that may be because it is a variable rate and after a year or a few years that rate can increase. This is something you should be aware of. There are many tips and pieces of advice that could help you find a low rate mortgage for your house and here are a few of the articles we recommend you check out:
How to choose between a fixed interest rate mortgage and an adjustable interest rate mortgage?
How will your credit influence your mortgage interest rate?
What kind of mortgage interest rate to expect?