Courtesy of bankrate.com
Lenders charge interest on a mortgage as a cost of lending you money. Your mortgage interest rate determines the amount of interest you pay, along with the principal, or loan balance, for the term of your mortgage.
Mortgage interest rates determine your monthly payments over the life of the loan. Even a slight difference in rates can drive your monthly payments up or down, and you could pay thousands of dollars more or less in interest over the loan’s term. Knowing how interest rates factor into your loan pricing, as well as what goes into determining your rate, will help you evaluate lender estimates with more precision.
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