How To Use Our Rate Table
The loan information we display on our rate table is provided to us by the lenders you see on the table or by other third-party sources. These lenders or other third-party sources are responsible for the accuracy of the information displayed. Only the lender is responsible for the availability of the loan options and you should only rely on the rates disclosed to you by the actual lender. The date that the lender’s rates were last updated in our system is listed on each entry in the table.
We encourage you to reach out to at least three lenders so you can compare their loan offers and choose what’s the best option for you.
APR Versus Interest Rate: The interest rate reflects the actual amount in interest charged by the lender. The APR (annual rate percentage) reflects the total cost of the loan (including any fees or additional costs associated with the loan) expressed as a percentage that represents the actual yearly cost of funds. These fees and additional costs generally occur at loan origination and likely reflect upfront origination fees and/or discount points. Discount points (also known as just “points”) are fees paid directly to the lender at closing in exchange for a reduced interest rate. Your lender is required under the Truth in Lending Act to adequately disclose all such fees and additional costs to you before you agree to your loan.
Availability of Advertised Terms: Lenders take much more information into consideration than is used to determine the rates displayed on our rate table. Not all advertised rates are available to all borrowers. Also, lenders terms may have changed since the information in our table was last updated. So, the actual rate offered to you by a lender may vary from those advertised here. Or a lender may not be able to offer you a loan.
Fixed Rate Mortgages: Fixed rate mortgages have fixed repayment terms for the entire duration of the loan and generally come with 10, 15 or 20 year terms. Your interest rate will not change during the term of the loan. The interest rates are generally slightly higher than the starting interest rates for adjustable rates loans (see below).
Adjustable Rate Mortgages (ARM): Adjustable rate mortgages (ARMs) do not have a fixed interest rate for the term of the loan. The interest rates for traditional ARM loans adjust on regular intervals (usually each years) throughout the entire term of the loan. Hybrid ARM, which are more common, have a fixed rate for a set number of years (eg. 3, 5, 7 or 10 years) and then switch to an adjustable rate. ARMs generally have lower interest rates than fixed rate mortgages, however, once the rates become adjustable, the interest rate on the loan may increase significantly if interest rates generally increase significantly.
Taxes & Insurance Excluded: The advertised loan terms do not include amounts for taxes or insurance premiums. So, your total monthly payment for your property will be greater than the monthly payment for your mortgage.