Fengjingye
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RATE SHOPPING Most people will check the Internet or pick up the newspaper to look up current interest rates. What you see isn?t always what you get. Unfortunately nike roshe run fleur femme noir , there are many ways to get hurt when shopping for the best rate: Short Pricing ? It is not necessary for lenders to state the ?lock-in? duration when advertising a rate, so while a rate may sound good, it may not allow enough time for you to close on your loan. Most people don?t ask how long the quoted rate is guaranteed for ? so make sure you do! Low Ball Pricing ? Some companies will lure you into a mortgage application with promises of a low rate, only to have the rate changes for the worse just before closing. They may tell you your rate has expired or that the program is no longer available, or they may even delay the closing to break the lock. It is not nearly as important to shop rates as it is to shop for a reputable lender. Products ? With all the different products and options available, borrowers need a good mortgage professional to help choose the right one that will best suit their needs and goals. After all, a mortgage is typically the largest financial transaction people make in their lifetime. It is far more costly to get the best rate on the wrong product that it is to get a competitive rate on the right program for you. POINTS vs. NO POINTS So you?re in the market for a mortgage. After hearing about all the options and products, your head is probably spinning. If that weren?t enough, after you pick your mortgage nike roshe run pas cher , you then have to decide whether to pay points, and how many. What is a point, anyway? Points are prepaid interest. One point equals one percent of the mortgage amount. One point on a $200,000 mortgage is $2,000. People are often tempted to pay points because it will reduce their interest rate. And why not? If it saves you money in the long run, then it must be good. But in the real world, it usually doesn?t work out that way. Let?s look at an example: You take on a $200,000 mortgage with a 30-year fixed rate. Your lender offers 8 percent with no points, or 7.75 percent with one point adidas stan smith femme rose , or 7.50 percent with two points, and so on. Generally, one point equals a quarter of a percentage point. It?s not a hard and fast rule, but it usually works out that way. The 8-percentzero-point option equates to a monthly mortgage payment of $1,467. The 7.75-percentone-point option equates to a $1,433 monthly payment, but with $2,000 paid up front. So your choice is:
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