Buying a home is one of the biggest decisions you’ll make with your money. But not everyone has the money to pay for a house in full at once. This is where a mortgage comes into play. Implemented after The Great Depression to help stimulate the economy, mortgages help just about anyone increase their wealth. Before mortgages, a buyer had to provide a 50% down payment with the remaining loan from the seller. Now, banks and other lenders ask for a cool 20% down payment and charge interest on your remaining balance. But what makes up a mortgage? Here’s everything you need to know about mortgages, mortgage rates, and what’s considered for you to get one.
better mortgage rate
Shopping around for a better mortgage rate is very common, and often encouraged. It’s obvious; people don’t want to pay a higher rate if there’s a lower one available! Getting the best mortgage rate can be a competitive feat – clients want to be sure they got the best mortgage rate possible.
However, it’s an irrelevant topic. Mortgage rates change often, and each client’s situation is different!