There are many factors involved in determining what is the best mortgage and interest rate. You must estimate how long you are going to stay in the house and then compare that to the rates you are being offered. For example, if you know you are only going to stay in the house a short period of time, say 5 years, then you would want to calculate the pay back period for paying points the get a lower rate. Obviously, you must feel comfortable with the person and company you are dealing with. Beyond that, compare the APR (annual percentage rate) on the different mortgage options you are looking at. This will tell you what the lender is charging to originate the mortgage.

Posted on Tuesday, January 13th, 2009 at 5:50 pm and is filed under Questions and Answers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.