Compare Mortgage Rates
Comparing mortgage rates is probably one of the most important steps in the loan process. Yet, many people do not realize that they could save thousands by comparing mortgage interest rates to find the best deals from several different lenders.
Comparing mortgage rates can really save you lots of money! Even if you get a loan with an APR that is say .25% (that's one quarter of one percent) you can really save! Consider this scenario: a 30yr mortgage on a $100,000 home at a rate of 6.5% will ultimately cost the borrower a total of $227,541.60, while the same loan with a rate of 6.25% will cost $221/655.60. That's $5,886 in savings over the life of the loan with a rate that is only 1/4 of 1 percent less than the alternative!
Of course, there are also a number of other factors that will determine how much you pay. When you compare mortgage rates, you should also consider factors such as closing costs, points and many other things which could potentially save (or cost) you money.
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