Rates

“What’s the best rate I can get?” is a common question from someone seeking home financing. But it’s an incomplete question. There is a much bigger picture than just the interest rate.

A mortgage is made up of many components, each requiring a decision: interest rate, term of the loan, loan size, down payment size, points and other fees, loan structure (e.g. fixed vs. adjusting), prepayment penalties, and others.

A rate is the price of a loan. There is a difference between price and cost. Consumers need to be concerned with the total cost. What is the total cost of your new loan? That’s the more effective question to get answered.

We know how to answer this in ways that our clients find meaningful. And, we help them determine which variables can be adjusted to create the most significant positive impact on their financial futures.

All you have to do is ask the right question: “What is my total cost?”

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