Here’s what to consider if you want to buy a new home, refinance or accelerate the pace of your mortgage debt payments, so you can avoid prepayment penalties.
If rates continue to rise, and most forecasters believe they will, you may want to look into locking in at lower interest rate before it’s too late, but there are a number of factors to consider before re-signing on the dotted line.
Only the most naïve customer would pay the “posted” rate for their mortgage. (You didn’t pay the posted rate…did you?!?). Whether you use a third-party mortgage broker, or simply walked into your nearest bank branch and spoke with their mortgage specialist, you almost certainly were offered a discount off the posted rate. So why do financial institutions bother having these rates?