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Buying a home with Interest Rates Rising

May 3rd, 2022 1:28 PM by Ken Morley

Many people now feel that the rising interest rates have made buying a home just that much more difficult. I suggest doing your research by getting a quote from at least three different companies and comparing each quote. Besides the rate the other factor you want to consider is the Annual Percentage Rate or APR. You should see both the rate and APR on any advertisement. The rate will be used to determine your monthly principle and interest payment. The APR amortizes the cost of your loan over the term selected. The further the spread between the rate and APR the higher your cost will be. The rate you see will on any advertisement will catch your attention (that's what it is designed to do) but the APR will give you an idea of how much it costs to obtain that rate. The APR calculation can vary a little from lender to lender so it's best to get a breakdown of the actual costs for each so you can make a good comparison.  A mortgage broker such as A Home's Best Mortgage has access to a number of different lenders, rates, and programs. These lenders compete for your business each day by offering better rates, more options, and innovative products. This gives you more purchasing power and/or saves you more of your hard earned money. Our focus is to give you our lowest rate with the least amount of costs. Put us up against any offer you have and I think you will be pleasantly surprised. Check us out by filling out our "Quick Quote" on our website or giving us a call at (303) 650-9400! There is no cost or obligation.

Posted by Ken Morley on May 3rd, 2022 1:28 PM



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