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Mortgage Rates
Mortgage rates, interest rates, mortgage interest rates, home mortgage rates… they're all one and the same. When you take out a loan, the company/business who supplies you with the loan also adds an interest charge to each payment that is to be made. Why? Because these businesses aren't running a charity and they have to make their profits in one-way or another.E.G:
If Company "A" provides you with a $300,000 loan at a fixed interest rate of 6%, then Company "A" is planning on making an $18,000 profit. I.E, Company "A" will get back the $300,000 it loaned to you, plus an additional 6% of that loan.
If you don't have a fixed payment plan, then you are at the mercy of the constantly changing rates. Home mortgage rates differ according from payment plan to payment plan, and they generally fluctuate quite often. If you agreed to an interest rate of 7%, and then the rates dropped to 6%, then you would want to take advantage of the lower rate. Why? When interest rates drop, thousands of dollars can be saved if the savvy homeowner chooses to refinance their plan.
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