Compare Mortgage Rates using
MyLoanExpert.com
www.myloanexpert.com allows users compare mortgage rates when shopping for a mortgage.
Important information to consider when comparing interest rates are discussed.
[large]Comparing mortgage rates[/large] for mortgage can be confusing and difficult if you
are unaware of the terms used to describe the actual cost of a mortgage. Comparing
mortgage rates is much easier if you understand the terminology and can get a handle on
the actual costs of a mortgage.
The first term that is used commonly is the A.P.R. or Annual Percentage Rate. When using
this term to compare mortgage rates, make sure that the lender is adding all costs that are
typically considered “Non-recurring― into the loan as most of the costs affect the A.P.R. “No
recurring― costs are those that are a one-time charge associated with the loan and they
include origination fees, discount points, appraisal, processing, underwriting, loan document
charges, title and escrow fees. Items which are recurring are taxes, interest, insurance,
mortgage insurance and home owners insurance (if applicable).
Be aware when comparing interest rates that A.P.R is the actual interest rate paid when all
loan fees are included and the loan is paid over the entire term.
Additionally when comparing mortgage rates, make sure that the lender is including all fees
and get a good faith estimate along with a truth in lending disclosure which will disclose the
A.P.R. as discussed.
The good faith estimate is a disclosure of the fees that will be charged in the transaction
including non-recurring and recurring charges. When Comparing mortgage rates, look at the
fees shown by each lender and see whether or not the fees are similar. Because some of
the fees like escrow and title may be third party fees, they are estimated and some may be
estimated too high or too low.
Comparing mortgage interest rates is much easier when you understand the terms. In the
future, the team at myloanexpert.com hope that you find this information