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Mortgage Interest Rate Fundamentals - PowerPoint PPT Presentation

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Mortgage Interest Rate Fundamentals

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Home Loan Rates

Mortgage Interest Rate Fundamentals

  • An interest rate is the price of money, and a home mortgage interest rate is the price of money loaned against the security of a specific home.

  • The interest rate is used to calculate the interest payment the borrower owes the lender.

  • The rates quoted by lenders are annual rates.

  • Home Loan Rates and Other Loan Charges Interest is only one component of the cost of a mortgage to the borrower.

  • They also pay two kinds of upfront fees, one stated in dollars that cover the costs of specific services such as title insurance, and one stated as a percent of the loan amount which is called "points".

  • And borrowers with small down payments also must pay a mortgage insurance premium which is paid over time as a component of the monthly mortgage payment.

  • Fixed Versus Adjustable Interest Rates A mortgage on which the interest rate is set for the life of the loan is called a "fixed-rate mortgage" or FRM, while a mortgage on which the rate can change is an "adjustable rate mortgage" or ARM.

  • ARMs always have a fixed rate period at the beginning, which can range from 6 months to 10 years.

  • Source: http://www.huffingtonpost.in/entry/mortgage-interest-rate-fu_b_12083874

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