mortgage simple definition: Comparing Mortgage Rates

Comparing Mortgage Rates

Comparing Mortgage Rates. Yopa Minute Mortgage Match

Comparing Mortgage Rates video duration 1 Minute(s) 8 Second(s), published by dollarbankchannel on 28 07 2017 - 19:41:41.

https://www.dollar.bank/mortgages/ When you're shopping for mortgage rates between different lenders, knowing how to compare rates could save you a Subscribe to get SoCal Real Estate and Mortgage Updates: http://bit.ly/2k3UXTn Watch My California Home Buyer BootCamp: http://bit.ly/2m53JkH Southern .

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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 dollar.bank/mortgages.