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| WHAT'S A MORTGAGE AND A MORTGAGE RATE? We all are familiar with a fixed rate mortgage. These can run in years of 15 - 30yrs which are the most common with all lenders. When we speak of interest rate this is the amount of interest you will be paying on the amount of money you borrow. This interest is on the loan amount over the life of the loan. Some loans will have a discount rate applied to the interest and this is to make the interest more attractive by lowering it, so the borrowed amount will have a lower rate. Let me explain what a discount rate is.... It is really very simple! It is up front money to buy the interest rate down. An example of that is, without a discount count the interest rate could be 5% and this rate may be good, but you can see where you can buy the rate down with discount points so usually the buy down rate is 1% of the loan amount. A good example of this would be on a $100, 000.00 loan 5%, the discount would be 1% of that amount which is $1000.00 and the rate then would be at what every lender set. The loan varies for the number of years of the money borrowed. Such as a 15yr loan would have a higher payment monthly than a 30yr loan. The buy down rate could change, and they may not be a buy down rate. Some lender will not do a buy down rate because they could be on a commitment or program for others. |
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| For your Banking/Finance contact Brain Smith at capital investment solution. You can contact Mr Smith at the following email. capitalinvestmentsolution2@gmail.com ad# 01-12-08-01 |
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