Not necessarily so. Mortgage rates can be a little complicated, and often a person may not simply choose the lowest available rate. You might opt for a slightly higher rate that gives you a credit you can use to pay closing costs or PMI. In this case, the slightly higher rate will actually allow you to save money in the long run.
Understanding mortgage rates and how they relate to mortgage terms and interest is critical to making the best mortgage decision. Choosing the best mortgage and getting the best rate can be a bit complicated. But that’s OK, because we make it easy.
The good news is a Home Loan Expert will make sure you’re in the best mortgage with the best rate for your situation. The even better news is that we’ve created a new Zing educational guide – Mortgage Rates 101 . We want you to be knowledgeable before you apply for your mortgage. Knowing as much as possible upfront will help you choose the best mortgage and help your mortgage professional understand your goals.
The Mortgage Rates 101 Guide continues easy-to-understand information, broken down in the following categories:
- Understanding mortgage rates
- How are mortgage rates calculated?
- Adjustable mortgage rates
- What determines mortgage rates?
- What determines my mortgage rates?
- Are rates going up or down?
- Mortgage rate resources
You can download and print Mortgage Rates 101 (PDF) or check out the guide below in SlideShare. Let us know what you think in the comments. Are there any mortgage subjects you’d like us to make into a guide? If so, ask and you just might receive. In the meantime, enjoy the new guide!