What is it?
A mortgage is a loan extended to you by a bank or a mortgage lender that helps you buy a home. Most people don't have the cash to buy a home outright. They typically invest 10-20% of the purchase price of the home as a down-payment and get a loan to finance the balance. On a monthly basis, the home buyer pays some principal and interest to the bank or mortgage lender.
Depending on your loan terms, you may be able to refinance it when interest rates drop. This allows you to lower your monthly payment or reduce the length of your loan.
Why is it important?
The economy goes up and down, but mortgage rates seem to have a life of their own. Even if you find a low rate that doesn't mean that you're getting a good deal. Broker fees, points, variable and fixed interest rates, the entire process feels like one big mystery. Even if you find an interest rate that seems lower that the one you have, all these additional fees can actually make it more expensice.
We'll refer you to a lender you can trust, one that will work with you to provide a fair and reasonable deal.
86% of people applying for purchase mortgages opted for 30-year loans.
2X is how much more interest you'll pay on a 30-year vs. a 15-year fixed mortgage, over the life of your loan.
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