Practice - Checking Rate Change Effects
See how easily you can check the effect of different interest rates
with our Home Loan Learning Center calculator. Follow the steps
below.
Directions
- Click the HLLC
link. This will take you to the calculators page.
- Check the effect of different rates. You can see what monthly payments may look like on different loan sizes at different rates.
- Enter different interest rates to compare their
effects on your monthly payments and interest costs
for a home mortgage.
- Click the Close Window link to return to the course.
|
|
Why is the lowest mortgage rate not always the best choice?
The overall costs of the loan may be high even though the mortgage
interest rate is low. Check the total loan costs by asking your
lender the questions below. Click the links for each fee to learn
more about it.
Internet Field Trip
Not all mortgage types require the same fees. Take a brief online
trip to become more familiar with the types of fees to discuss with
your lender. Read all the steps before you begin.
Directions
- Click the Loan
Fees link. This will take you to the
HUD Web site.
- Scroll through the list of fees.
- Note the fees that can be financed as part of a
HUD-insured loan and those that cannot.
- Print this list to use when discussing fees with
your lender. Note: Use the Printer Friendly link at
the top of the page.
- Click the Close Window link to return to the course.
|
|
Your lender may ask you to pay some fees, such as the credit report
and appraisal fee, when you complete your loan application. If a
fee cannot be financed, your lender will ask you or the seller to
pay it, usually when the loan closes at settlement.
Click Next to learn how you can get assistance for a down payment
on a home.
|
