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Common Questions On Mortgage Interest Rates In 2021

For most borrowers looking for a mortgage, the first question is “What’s the interest rate?”. We get it. The interest rate can make a major difference on the monthly payment and therefore the loan amount that a borrower can qualify for. As simple as that is, there are plenty of complicated questions when it comes to interest rates. Here are some of the most common questions about interest rates that we encounter when talking to borrowers:

Should I take a higher interest rate for no closing costs?

Typically to answer this, lenders first calculate the break-even point. That’s the point in time when your combined savings from the monthly payment with the lower interest rate equals the difference in closing costs…read more

How best to reduce the amount of interest charged through the life of a loan?

It would be best to start prepaying as soon as you can. The way amortization works is that interest is front loaded in the early months. So the sooner you can start knocking out that principal, the better.

Should I trust a lender that’s claiming to match any interest rate from another lender that I’m pre-approved with?

Start by loan estimate from the lender making this claim, and then do some research like read their online reviews. There shouldn’t be any reason to distrust a lender that makes these claims, but it’s probably best to do your due diligence.

Are mortgage interests rates lower when purchasing a primary residence?

Second home and primary residence purchases typically have similar interest rates. An investment property will almost always have higher interest rates.

If you don’t see your question answered, just contact us OR use our online evaluation process and we can get back to you asap

PS Check out our simple eval process where you can choose whether you want to: get real rates specific for your scenario (beware of teaser rates!), see how much home you can afford, get pre-approved, or quickly submit your contact info so we can get back in touch.


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The Turnkey Foundation, Inc. d/b/a Arbor Financial Group is an Equal Housing Lender. In all jurisdictions, the principal {NMLS: 236669} licensed location is 2932 Daimler Street, Santa Ana, CA, 92705. {Julie Aragon MLO #250691}