Rates are flat again today and if you’re looking for the comparison rates with no lender fees, they are 4.375% on a 30 year fixed, 3.625% on a 15 year fixed, and 2.875% on a 5/1 ARM (click here to get the details).
When shopping for the best deal on your mortgage, it’s not always about rates. Sometimes costs are more important, specifically if you won’t be in the home for a long period of time.
Before shopping, you should ask yourself how long are you plan on being in the house? 5 years is average, so use that if you can’t say. With that in mind, the shorter time frame, the more important the costs of the mortgage will be. Sometimes the lowest rate may be the worst deal if you have to pay too much for it in higher closing costs.
I explain more in today’s video:
Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!
See you tomorrow!
PS. To ask a question, get advice, or find out what your lender is making off your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002