Don’t be fooled by quoted interest rates
Be careful when looking at interest rates posted online or promoted in advertising. There are usually adjustments to the interest rate for different borrower credit scores the type of real estate purchased or the amount of down payment paid or equity that one may have in an existing property. A quoted interest rate by regulation can not be provided without it’s associated annual percentage rate (APR). APR accurately discloses the true cost for a loan by factoring in any fees paid to obtain a particular interest rate. Know the whole story before getting too excited about an advertised interest rate.
Mortgage lending over the years has become more and more complicated detailed and somewhat confusing to borrowers. This is one reason why so many disclosures are required and why there is so much regulation involved in the process. The A Plus Mortgage team deliver full disclosure from the beginning of the process right through the closing. The borrowers are paying the bills and they deserve to be partnered in the transaction every step of the way.
If you are looking to refinance your home loan or considering purchasing a new home, don’t hesitate to give us a call. We would be happy to give you all the options available and support you 100% of the way through the process.