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mortgage@pacificwide.com(408) 532-1278
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Mortgage rates represent the interest you're charged on a home loan, and they are expressed as an annual percentage. They are pivotal because they directly impact your monthly mortgage payments and the total amount you'll pay for your home over the life of the loan. A small change in the rate can significantly affect your payments and overall cost.
Mortgage rates can be influenced by a myriad of factors. Internationally, they might be affected by global economic conditions and policies of major central banks. Domestically, factors such as inflation, economic growth, and the policies of a country's central bank play significant roles. Additionally, individual factors like your credit score, the type of property, and the amount of your down payment can affect the rate you're offered.
A fixed-rate mortgage means the interest rate remains constant for the entirety of your loan term, giving you predictable monthly payments. On the other hand, an ARM has an interest rate that adjusts periodically. This adjustment is typically tied to a specific financial index. While ARMs might offer lower initial rates, they carry the risk of the rate (and your payment) increasing in the future.
The rates shown here are average market rates meant to provide a general overview. Your specific rate could differ based on multiple factors, including but not limited to, your credit history, the loan amount, type of property, and market conditions. It's always advisable to speak with a mortgage advisor for a tailored rate quote.
Mortgage rates are just one component of the total cost of a home loan. There can be various fees such as origination fees, appraisal fees, and closing costs. Always inquire about the full range of fees associated with a particular mortgage product to ensure transparency and avoid surprises.
Locking in a rate means securing a specific interest rate before it rises. To do this, you usually begin the loan application process and formally request a rate lock from your lender. This process is vital as it ensures your rate won't change between the time you're approved for the loan and the time you close on your home, giving you certainty in terms of your future monthly payments. We recommend every prospective homeowner to "Schedule a call" with our Loan Officer to ensure they understand all facets of their mortgage agreement. If you have further questions, we're here to assist!
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3005 Silver Creek Rd STE 210-214, San Jose, CA 95121
San Jose, California, 95121
(408) 532-1278
mortgage@pacificwide.com
Pacificwide is a Bay Area real estate & mortgage company that serves all your homeownership needs, NMLS Unique Identifier #272883. ©2023 Pacificwide Real Estate & Mortgage. All Rights Reserved.
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