For many, buying a home is one of the most expensive purchases made in one’s lifetime. After all, what else costs hundreds of thousands of dollars and takes years to repay? In order to afford a home, many homeowners take out a mortgage, which is a loan issued by banks or other financial institutions that allows customers to borrow money to purchase a home in exchange for monthly payments. Banks and financial institutions tack on an interest rate on top of the monthly payments, which is where they make their money.
The interest rate attached to your mortgage can add thousands of dollars to your home’s overall cost, which is why searching for a mortgage with a low interest rate can help save you money down the line. If you’re paying more than you’d like in interest every month, one way to get a lower interest rate is with … Read the rest