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Locking in a home mortgage rate today won't be the same as it was a year ago when rates stood at a 40-year low, but mortgage seekers are still getting a very attractive mortgage interest rate. Shopping around for the right home and getting the lowest possible interest rate is very important. Finding the right home mortgage with a low interest rate will lower your overall monthly payment and could save you thousands of dollars in interest over the life of the home mortgage loan. By comparing the APRs of different loans, you can compare the effective cost of a loan for a given period of time.
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APR Calculator
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Comprehensive Mortgage Glossary
Loan Amount: The loan amount would be the amount of money that you expect to finance. For example you would enter an amount like this 100000.
Quoted Interest Rate: Enter the actual interest rate on the loan, (e.g. 6.875), as quoted by the lender. This is different from the A.P.R., which includes additional charges such as closing costs or title insurance.
Points: Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount.
Closing Cost to Include: Enter the total amount of other costs attached to the loan, such as closing costs, and title insurance, etc. (e.g. 1300)
Loan Length (Term): The loan length or term would be the amount of years that you expect to finance your mortgage.
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