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The Interest rate on your mortgage loan affects your budget and finances in several ways. There are many benefits when you compare mortgage rates and Lord Mortgage strives to maintain the best mortgage rates in PA. Consider these points when you compare mortgage rates:
Your Monthly Payment:
Your monthly mortgage payment is the result of three factors – the principal loan balance, the loan term and the interest rate. The principal loan balance you need to request for your refinance or purchase plans is static, but the term and the interest rate are dynamic figures. If you want to save money each month with a lower monthly payment, you can do so by applying for the combination of lowest mortgage rate and best mortgage term possible.
Reducing Your Principal Balance:
While the interest rate will affect the amount of your monthly mortgage payment, it is important to know that the interest rate also affects how quickly your principal balance is reduced. With a higher interest rate in place, a proportionately larger amount of each mortgage payment is applied toward interest charges rather than principal debt reduction. When you want to pay less in interest charges and apply more toward your principal balance each month, you do want to look for the lowest mortgage interest rates available.
Current mortgage rates are very low. The Mortgage Bankers Association is predicting in 2014 mortgage rates will increase slowly . While it can be difficult to accurately predict what interest rates will do, many Pennsylvanians will take advantage of the low interest rates today to refinance or purchase with Lord Mortgage.