Rate Quote
Thinking of buying and need a rate quote now what??????
1. Know your situation ie; good credit, bad credit
2. Use the Internet google rates.
3. Knowing what a rate means.
4. Know the true rate and what costs are associated with it.
5. Some tricky words or phrases can confuse you ie; APR, interest only, arm, fixed
6. APR is the adjusted rate
7. Interest only is just paying the interest every month the debt stays the same.
8. Arm is adjustable rate mortgage which means the rate adjusts on a set periodic schedule.
9. Fixed is the same rate and term for the entirety of the loan
10. Choose the best thing for you based on your position if your staying short term go with the arm if you are staying there forever go fixed.
11. Do not choose the repayment terms based on what you can afford now. What happens when the rate adjusts???
12. See if you can project your long term income and expenses before choosing.
13. Look at the costs associated with rates in comparison to other rates.
14. The lender really does not matter it is very likely your loan will be sold to another service provider. For example you had countrywide before now you are thinking countrywide again but the rates a little higher.
15. Get a good broker do not just choose anyone to help with your rate search.
