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How Much Interest Will I Have to Pay on My Mortgage?

Posted by: Jason Mericle | Oct 28,2007

The amount of interest paid on a particular mortgage is going to vary based on a few criteria.  The first of which is your credit worthiness which is measured by a FICO score.  The higher your score, the more likely you will be to qualify for lower rate lending.  There are a number of different mortgage products so you will need to determine if you are willing to assume the risks of an adjustable rate mortgage (ARM) or if you feel more compelled to go with a fixed rate mortgage.  There are countless sources for mortgage rates and programs on the internet and in print form, so many that it can be a bit confusing and overwhelming.  One way to compare different mortgage products is through their Annual Percentage Rate (APR).  The Federal Truth in Lending Law requires mortgage companies to disclose the true cost of a mortgage in the form of a yearly rate.  This is to help consumers more accurately compare mortgage products by including fees associated with the mortgage that may be otherwise hidden.  There may be a number of factors within a mortgage that aren’t necessarily factored into the APR such as balloon payments, indexes in the case of  adjustable rate mortgages, or possible prepayment penalties.  Loans with lower APR’s aren’t necessarily better loans, so it’s best to do as much research as possible to get the mortgage that best meets your needs.  

 

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