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09
Nov

Tips for Choosing the Right Mortgage

Written by admin. Posted in Mortgage broker seattle, Seattle mortgage company, Washington mortgage lenders

If you are looking to buy a new home, you may not realize just how important it is to know the up to date mortgage rates in your area, or the area you are thinking about moving to. One of the first things to consider is the interest rates; over the span of a 30 year mortgage, the interest may be higher than the actual base principle. Interest rates can have a huge impact on how much a house will cost overall, than the actual buying price. Understanding these numbers is imperative, so that you don’t end up paying more than you’d estimated. While a mortgage company can help explain the ins and outs of current mortgage rates in depth, here are a few things you can start out with.

Payments

As a rule, higher interest rates mean spending more money in the long term. For instance, if you take out a $300,000, 30 year mortgage with a 3.5% interest rate, you can expect to pay around $4