For the most part, the world of mortgages isn’t really that complicated. You and the lender agree on an interest rate, term (usually 15 or 30 years, with most people taking the latter), payment amount, and so on.
Where things get more complicated is when lenders talk about buying down mortgage rates. What exactly does that mean? Just how much money can you save? Let’s take a closer look.
When you’re on our mortgage comparison page, you’ll notice that one of the first questions we ask is which state you live in.
You’d think the answer wouldn’t matter. After all, interest rates are determined by the Federal Reserve (as well as the overall market), and most lenders operate nationwide. Additionally, much of the underwriting is done in a few central offices across the country.
Buying your first home is an exciting experience! When I purchased my first place at 25 years old, the feeling of owning something that was mine gave me a lot of pride. Then the reality of the situation set in as I was forced to pay my first mortgage payment, which included real estate taxes, homeowner's insurance, and other fees.
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