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Do You Love to Rent?
June 2, 2017 /Three Things to Know Before Agreeing to a Mortgage Because moving and buying a home can be time-consuming and stressful, it can be tempting to rush into a mortgage to get the process over with as quickly as possible. However, a mortgage is an important commitment, and there are a couple key concepts you should understand before signing the dotted line. Luckily, you don’t need to be a mortgage lender to understand your contract, and the most important mortgage concepts are relatively simple once you grasp the basics. Below, we cover the basics of interest rates, adjustable rate mortgages vs. fixed rate mortgages, and points to give you a better idea what to expect when you prepare to agree to your first mortgage. What’s My Interest Rate? Saying your mortgage’s interest rate is pretty important is an understatement, as the interest rate you agree to can dramatically affect the final price tag of your home. It’s surprising, then, that roughly 30% of the country’s homeowners have admitted to not knowing what their interest rate is. Even a slight difference in interest rate levels--say, 4% rather than 4.5%--can save you hundreds of dollars a year and thousands of dollars over your…Read more
