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Comparing Mortgage Rates - Research Paper Example
Author : barrywolf
Finance & Accounting
Pages 3 (753 words)
Finance and Accounting Instructor University Name Date A comparison was completed between five separate mortgage lenders using rates for fifteen year and 30 year fixed rate mortgages, with a financed amount of $100,000 in the State of Florida. Geographical information was used only on with those lenders who requested it before providing a rate…
Mortgage quotes that are published such as these are usually rates and terms available under the best of circumstance while your rate will vary according to: credit, down payment, house location and size, and your ability to prove income and assets Verbal rates are not a guarantee and you must get a written quote if you want to be assured the rate is ‘locked’ in and you should always get a letter of confirmation of your rate, rates that go up between the start of your mortgage process and the closing date can cost you thousands of dollars over the life of your loan Do not assume that because you are offered at good rate on one type of loan that you will get the same rate on a different type of mortgage Many people do not consider closing costs and fees when shopping for a mortgage Based on the effective annual rate the Lending tree offers the best rate for a fifteen year fixed interest rate loan. This amount is the percentage paid per year on the mortgage over the lifetime of the loan. AmeriSave offers the lowest effective annual rate on a thirty year mortgage. Paying some of the interest in advance can reduce the accrual over the course of the year. ...