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Is comparing APR's the best way to decide which lender has the lowest rates and fees?
The Federal Truth in Lending Act requires that all financial institutions disclose the Annual Percentage Rate (APR) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. For adjustable rate mortgages, the APR can be complex. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments. You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Also, the APR doesn't include all the closing costs. Look at total fees, possible future rate adjustments (for ARM loans) and the length of time you plan to have your mortgage. Don't forget that the APR is an effective interest rate - not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan. You may also want to use the Fannie Mae True Cost Calculator available in our Calculator or FAQ Section to help you compare mortgage options. What is equity? Equity is simply the value of a homeowner's unencumbered interest on real estate. Equity is computed by subtracting the total of the unpaid mortgage balance and any outstanding liens or other debts against the property from the property's fair market value. A homeowner's equity increases as he or she pays off his or her mortgage or as the property appreciates in value. When a mortgage and all other debts against the property are paid in full, the homeowner has 100% equity in his or her property. |
IMortgage Central - Mortgage Refincance, First Time Home Buyers, Home Equity Loan iMortgage Central
is an Nationwide Mortgage Service who connects lenders and borrowers together. We provide you, the consumer a connection
with the mortgage lender. Connecting one lender isn't enough anymore. You
need to know All the Options Available to You, to be sure that you are getting competitive financing. We help consumers Make Smarter Decisions. |