Tagged : Boulder CO Colorado Real Estate Blog DB Wiilson

WHAT LOAN OPTION IS BEST FOR YOU?

DB Wilson

Tuesday, September 7th, 2010 at 10:22pm. 377 Views, 0 Comments.

For new buyers, the world of mortgages may be a little confusing and entirely overwhelming. If you are mortgage shopping for your first new home, you definitely want to get the lowest possible rate that your credit score will grant. While comparing rates and deals from various lenders, there are a few options and facts every consumer should consider. Percentage points are extremely important to consider, and buyers should absolutely seek the lowest possible rates they can find.

A 30-year fixed-rate mortgage of $400,000 at 4.3% would cost $1,979 per month, while the same loan balance at 5.3% costs nearly $2,221, according to numbers from Bankrate - a difference of almost $250 per month. Over one year, that 1% difference equals out to $3,000. Even small…

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