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Shopping for your Mortgage can save you Big Bucks!

May 21st, 2024 5:21 PM by Ken Morley

At the time of writing this blog the rates are hovering near a 20-year high meaning that it is even more important now to shop around for your mortgage. A rate of .125% higher  can amount to thousands more paid in interest over the life of the loan. I see plenty of advertisements out there with eye-popping rate but 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 in relationship to your loan. The rate you see 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 costs for each lender so you can make a good comparison. 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 at what we have to offer. Check us out by filling out our no-cost, no-obligation, "Quick Quote" or giving us a call at (303) 650-9400! 

Posted by Ken Morley on May 21st, 2024 5:21 PM



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