Do I have a good enough interest rate?

 

Do I have a good enough interest rate?

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Your mortgage loan’s interest rate is determined by your credit profile, the mortgage market, and your loan type.

A “good” interest rate is relative to the recent- and long-term rates.

It’s important to make sure the interest rate you’re offered is acceptable to you long-term.

If you can afford the additional monthly payment, you can save interest expense, pay off your mortgage earlier, and also qualify for a lower mortgage rate if you choose to get a 15-year mortgage instead of a 30-year mortgage.

The following graph displays the history of long-term mortgage rates, for your reference.

Mortgage rates history

Mortgage rates history


Real Estate Answers: Buying, Finances

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