Dave Ramsey,
“A Twitter listener asks if it’s smart to refinance a house to have a lower mortgage payment. Dave says no and that it’s smart to refinance a house when you’re looking for a lower interest rate. “
Why are bank rates so much higher?
- Cost of buildings
- Commission to loan officer
- Personell expenses (HR, Administration, Compliance, etc)
- Cost of training
- Shareholder profits
- Marketing
Why do Interest Rates Change?
Attributes that effect a borrowers interest rate are; credit score, loan-to-value of property, loan amount, type of loan, type of property, occupancy of property, credit delinquencies, and others.
Interest rates on the HOME page are based on the below criteria.
- Property value of $1,000,000
- Loan amount of $800,000
- Fico score of 780
- Primary residence
- Purchase
- Single family residence
Our competitor’s rates can be found at these links
Why use Lowermortgage.net?
What are POINTS on a loan?
What is the difference between interest rate and APR?
- Points- both discount points and origination points.
- Pre-paid interest- The interest paid from the date the loan closes to the end of the month. If you close on August 10th, you will pay 21 days of pre-paid interest.
- Admin Fee
- Loan-processing fee-
- Underwriting fee-
- Document-preparation fee-
- Private mortgage-insurance
- Escrow/Settlement fee
