Beware of "APR" Advertising
"APR" stands for Annual Percentage Rate. Some mortgage brokers use
"APR" teaser rates to get your attention, however, they may actually
end up costing you more. Such rates are often derived by using a 30
year mortgage coupled with an accelerated payment plan. Most lenders
allow you to select such a plan, if you choose. Know your actual
interest rate that you will be paying when comparing mortgages.
Should I Consider an Adjustable Rate?
Adjustable rate mortgages or "ARM's," can be very helpful in assisting
people into the housing market. They can help minimize your monthly
payment, however, in the long run they can cost you more money if
additional refinancing occurs.
Beware of the Quality of Service Provided
You want your refinance to be accomplished with as little hassle and
in the shortest period of time. Ask your mortgage broker details of
their service plan and performance guarantees.
Not All Mortgage Brokers are Created Equally
Be sure to ask your mortgage broker about all their available loan
products, terms and rates. A subtle difference can save or cost you
thousands.
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