How to know if I am getting a good/low interest rate for a home mortgage ?

Answers:3   |   LastUpdateAt:2012-10-19 14:08:02  

Question
Thara*
Asked at 2012-09-02 06:32:04
I'm in the process of looking out for a home loan ( first time buyer ) and wanted to know what I have to look at what I get quotes from lenders know that I am getting good interest rate / low ?
MedlinePlus 1) Do I have to just look at the APR rate known as what the final price is for my loan ? April does this determine my actual speed ? MedlinePlus MedlinePlus 2) Any other factors I should consider? MedlinePlus MedlinePlus 3) Is there a sheet or online website where I can put all the numbers you get from different lenders and does the math and tell me which one is best for me?
Answer1avinash kumarAnswered at 2012-09-23 07:21:02
The APR is the rate based on the loan amount beneficial if closing costs and prepaid items financed . The rate of the note is paid in full . See the note rate may be 5 % , but the APR would be 5.5% if included in the price of the actual note MedlinePlus I am a mortgage banker in TN
Answer2LuluAnswered at 2012-09-24 14:21:04
If you receive multiple offers from various lenders with the same note rate , the APR will show that it is charging less for that price . Ask what their margin is . The market has become very clear when it comes to closing costs charged because of the economy ( as it should have been all along ) If you can not get a clear answer as to where all fees are then simply move to another other person who is honest . We are here .
Answer3GhannyAnswered at 2012-10-19 14:06:38
In addition to the stated APR as a golfer , you should also keep an eye on the APY that is performance. The APY is the APR as affected by capitalization. The more often complicated the loan , the higher the APY . You will probably find that most lenders use continuous compounding , which means that the differences should be minimal if any , but if you are lucky enough to find a lender that uses capitalization weekly or monthly , you can save a tenth or two percent in the APY .
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