Miss Advice

When it comes to looking for a mortgage, there are several things to consider.

First, you want to be certain that you are examining mortgage rates for your specific geographic region, as mortgage rates may vary from state to state.

If you live in Baltimore, you may want to search for something like Baltimore Mortgage Rates.

By doing this, you guarantee that you are obtaining rates that are correct for your particular city and state.

Second, you need to be sure you are comparing apples to apples, so when asking about interest rates, always be sure to ask for an Annual Percentage Rate, or APR, as well.

Your APR is merely your quoted mortgage rate plus any additional costs associated with the loan, expressed as a percentage. This is truly the only way to be sure you are getting an accurate mortgage rate quote.

For example, if you were quoted a rate of 5.000%, but the APR is 5.625%, you can be sure that the fees associated with that loan are very high, and you may even be paying points.

If, on the other hand, the quoted rate was 5.000% and the APR were just 5.125%, this would indicate that the costs associated with that particular loan are very low.

Normally, your APR is found on your Truth-in-Lending agreement, or TIL, so make sure you ask for this document before locking in your interest rate. This will ensure that you get your APR in a timely manner.

Following these easy guidelines can help to ensure that your mortgage shopping process is quick and painless.

Torchiere Floor Lamps

This entry was posted on Sunday, March 21st, 2010 at 1:26 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.