Most of us don’t have enough cash to pay for our houses up front, so we apply for, secure, and pay for mortgage loans. The lenders involved in the mortgage process check credit, debt load, income, and other important aspects of our financial lives before extending a loan.
How Do Mortgage Rates and APR Affect Your Loan?
Buying a home in Warminster PA most likely means you’ll be trying to land a mortgage loan, and as such, need to understand mortgage rates. It is also called an annual percentage rate (APR). Basically, this is the percentage amount the borrower pays the lender for the use of the money. For example, if the mortgage loan carries a 5% interest rate, the borrower pays 5% of the loan amount in interest.
What’s the difference in Mortgage Rates and APR?
With mortgage loans, the APR includes any points or costs involved with getting the mortgage loan, so it’s a broader term than “mortgage rate”. Depending on the mortgage loan you choose, some mortgage rates remain the same over the life of the loan, which are fixed rates, and some will vary over the loan term, which are adjustable.
What Else Weighs Into Mortgage Interest?
Credit scores, loan terms, and debt loads can all play roles in determining the mortgage rate you end up paying on your loan. That’s why its important to speak with a professional lender for an explanation of the entire mortgage picture.
Purchasing a home and living in Warminster means understanding unfamiliar mortgage terms and how they impact your ability to get approved for a loan and purchase a house. Educate yourself in the beginning so you can make informed, smart decisions.
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
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