A Complete Guide for mortgage rate
What’s a Mortgage? First things first: what’s a mortgage exactly? This is a large-sum loan you can use to finance the purchase of a home. Typically, lenders will give you 80% of the property price. While you can get a mortgage from whatsmind your bank (or other ones), you can also get them from credit unions, mortgage brokers (such as this broker ), and mortgage marketplaces. How Do Mortgage Rates Work? When you apply for a mortgage, the lender will tell you how much interest you’ll have to pay on your loan. This means that not only will you have to pay back the amount borrowed, but a little extra. This is how they’ll make money off of lending it to you. Historically, mortgage interest rates range from 1-4%, depending on the term length you choose. To get the lowest rate possible, you’ll want to select a longer term length, such as 30 years (this is what most homeowners go for). Shorter term lengths have higher rates attached to them, as well as bigger monthly payments. However,