What is the best way to QUICKLY shop & compare mortgages?
APR = Annual Percentage Rate
There are many different types of mortgages (FHA, conventional, fixed rate, adjustable, 30 year term, 15 year term, etc.) and there are many types of mortgage providers (mortgage brokers, direct lenders, credit unions, etc.), and all of these need to be considered before making a final decision, but you need to know to quickly shop and compare the costs of a mortgage loan. Most folks simply base their comparison on interest rates. However, the interest rate is only part of the picture, because there are other costs associated with obtaining a mortgage loan (i.e. discount points, funding fees, loan origination fees, etc.) and those can vary widely from company to company. Because of that, the best thing to ask is the APR, short for annual percentage rate. This rate will include all the costs associated with borrowing money in addition to the interest rate charged. Here's a link to additional information on the Truth in Lending Act, including APR :
If you're getting ready to purchase a home, and you're not already working with a real estate broker, give Tammy & Gayle a call at 719-576-3600 or visit our website, www.MotherDaughterRealEstate.com !
Check us out on Google+
Check us out on Google+
