Why Is Shopping Around For Mortgage Interest Rates Important?


Why Is Shopping Around For Mortgage Interest Rates Important?
By Scott Rogers • May 7, 2018
As mortgage interest rates rise, we are likely to see a bit more variation in interest rates between lenders. As such, it is important to check with at least two lenders to make sure you are getting the best possible interest rate on your new mortgage. As shown above, a half of a percentage point shift in the interest rate can make a big difference in the monthly payment. Oh, and if we stretch out that difference over 10 years, assuming you stay in your home that long, here's how much extra you would pay with that higher mortgage interest rate.... $200K Loan = $7,080 extra paid $300K Loan = $10,800 extra paid $400K Loan = $14,280 extra paid In the end, the most important factor for selecting a mortgage lender is the service you are likely to receive throughout the loan application and financing process -- but you also need to make sure that the quoted mortgage interest rate is competitive. Feel free to email me (scott@HarrisonburgHousingToday.com) if you would like recommendations of lenders in this area. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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