The total cost of your mortgage transaction has three components:
All of these charges are clearly itemized on a mortgage quote that can be provided by every loan officer. Request mortgage quotes on the same day from all lenders you are considering, because rates change frequently. Compare the quotes on the basis of rate, points/origination fee, and closing costs.
*If you choose to buy down the rate by paying a discount point, calculate how many months it takes to recoup the extra closing costs by dividing the cost of the discount point by the monthly savings.
The last thing to check is the APR. (Annual Percentage Rate) If the APR is significantly higher than your interest rate, this indicates a large amount of fees.
To avoid hidden costs, be sure the quotes you gather include figures for points/origination fee, closing costs and APR. Then it becomes an easy math decision. Don't be surprised if loan costs differ by thousands of dollars.
At LendingCorp.com, we put borrowers in the driver's seat to get the best deal!
To receive a Colorado mortgage quote, click here.
| Today’s Rates effective as of , . |
| Rate | APR | |
| 30-year fixed / 0 discount points | ||
| 30-year fixed / 1% discount point |
*Based on a conventional 30-year fixed mortgage at 80% LTV with a 780 credit score for an owner-occupied, single family residence. 30 day lock period. The monthly principal & interest payments are and respectively. There is no escrow account for taxes and hazard insurance. Rates can change at any time. Subject to borrower approval.
Colorado Mortgage Originator License: NMLS 460275 / 232720
