Comparing Mortgage Rates Research Paper Example | Topics and Well Written Essays - 750 words

Comparing mortgage treasures - Research Paper ExampleMortgage quotes that are published such as these are normally place and terms available under the best of circumstance while your lay out will vary according to credit, down payment, house location and size, and your ability to usher income and assets Verbal rates are not a guarantee and you must get a written quote if you want to be assured the rate is locked in and you should always get a letter of confirmation of your rate, rates that go up between the start of your mortgage process and the closing time can cost you thousands of dollar signs oer the life of your loan Do not assume that because you are offered at good rate on one suit of loan that you will get the same rate on a different type of mortgage Many people do not figure closing costs and tumbles when shopping for a mortgage Based on the utile annual rate the modify tree offers the best rate for a fifteen year fixed interest rate loan. This amount is the perc entage paid per year on the mortgage over the lifetime of the loan. AmeriSave offers the lowest effective annual rate on a thirty year mortgage. Paying some of the interest in advance can reduce the accrual over the course of the year. Any fees or penalties that you accrue during the loan are added to the principle and will increase the EAR. These effective annual rates make sense as being the lowest because they are also in line with the lowest rates. Different lenders are able to offer different rates somewhat base on what type of lender they are, a mortgage lender or mortgage broker, each charging a different commission rate on the loan. Mortgage broker do not actually lend money and are used to help an individual find a direct loan, charging the consumer a fee for this service. While this is advantageous in that they will shop many lenders for you in an attempt to gain the best rate you will pay the associated fees, which are usually between 0.5-1 % of the loan value. The diffe rence in rate will have a material impact on the consumer because the value of the property will every decrease or increase with the market over the course of the loan. Investors may choose 30 year investment mortgages over other options because the value of the dollar while continue to decrease while the investment property and amount of payment remains the same. This is due to inflation of the economy and other market factors. References Todays Rate Results. (2012). Bank of America. Retrieved 2012, from https//www9.bankofamerica.com/home-loans/mortgage-purchase/TodaysRateResults.go?referrer=/home-loans/mortgage-purchase/rates Mortgage - Home Loans - Refinance - Mortgage Refinancing - Mortgage Rates - Home Equity. (2012). Retrieved 2012, from http//www.lendingtree.com/ Mortgage, Refinancing, Home Loan, Mortgage Rates - GMAC Mortgage. (2012). Retrieved 2012, from http//www.gmacmortgage.com/ Chase Mortgages - Home Lending New or Refinance Mortgage Loans Online. (2012). CHASE Home Pe rsonal Banking Personal Lending Retirement & Investing Business Banking. Retrieved 2012,