The Secret To Real Savings On Your Mortgage Is A Good Mortgage Strategy
If you are looking at buying a home or refinancing your existing home, you have probably been having a lot of conversations about interest rates. If you enjoy talking about interest rates, fine, go ahead. It’s like talking about the weather: it won’t make any difference, but it gives you something to talk about.
The simple truth is that the variance in interest rates from one lending institution to another is so small that it will not make a big difference in the total cost of your mortgage.
As a matter of fact, the difference is only about .06%, which is a saving of $41.12 per year on a $100,000 mortgage.
With all the emphasis lately on credit scores and credit ratings, it is surprising that a lot of people still believe that shopping around for the best rate will make a big difference. Credit scores are based on a consumer’s credit worthiness: whether you pay your bills on time, if you have ever defaulted on a loan, whether other lenders have been willing to lend to you, etc. A credit score of 500 will mean you are not a good risk, and a credit score of 700...
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