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Mortgage - How Do Mortgages Work?

In order to get the best mortgage rate in Lakewood or anywhere else for that matter, you will need to understand how it all works, especially how closing costs and rates are interrelated. Another crucial part in this equation is your loan officer. They can give you several choices in terms of interest rate which can have an impact on final cost to close.

To begin, interest rates vary day to day and each loan officer will receive what is called a rate sheet on a daily basis that lists the current numbers for the day. On that sheet, it will have the cost you will need to pay for lower rates. These are called discount points. It also lists the par number which is the percentage at which you do not have to pay for any discount points. It will also show higher percentages at which the lender will now pay the broker for doing that deal. For an example, say the par rate for a certain day is 4.75%. If you were to pay 1.5% of your price, you would be able to get 4.5% on your loan. On the other hand, if you sign for a 5% mortgage, the lender will pay your loan officer $3,000 which is the 1.5% of total amount. Unless you know what the current numbers are, brokers will try to sell you at a higher number so that they can get more money. Another point to be aware is that even if you mention this important fact to them, they might just increase your upfront costs to make up for their supposed loss, but they will not tell you that.

As you can see, in order to get the best Lakewood mortgage or a mortgage elsewhere, your loan officer is a central figure. Many will work on commission, but there are some that work on a flat fee. If they work on a flat fee, there will be no point for them to try and sell you a higher rate unless you yourself want to do that to lower your closing cost as that money can go towards that purpose.

If you are planning on selling the property in just a few years, it actually may make more sense for you to take the rebate and go for the higher percentage so that your closing costs can be lowered by several thousand. This will make if the rebate amount is higher than the amount you would save by choosing the lower number. A knowledgeable person will be able to explain and recommend the best course of action.

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