Jacksonville Florida FHA Mortgage Rates Have Dropped today to; 3.25% (APR 4.227)
If you are looking to buy a home now is the time to take advantage of historic low mortgage rates before they go up. Today our FHA Mortgage Rate is at 3.25% (APR 4.227%) , don't miss out on historic low rates. ( rates are subject to change without notice and are subject to credit approval) Check rates now @ www.GoCheckRates.com
You may be wondering what is the APR Rate?
An annual percentage rate (APR) reflects the mortgage interest rate plus other charges related to the cost of obtaining a mortgage. An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
For example, suppose you have a 30-year mortgage for $200,000 at 4.5 percent. Your monthly mortgage payments would be $1,013.37, not including property taxes and insurance. Now, suppose you have $6,000 in closing costs and fees and include those in the loan, so you're borrowing $206,000. That would increase your monthly payments to $1,043.77.
Your mortgage APR on this loan is the interest rate that would produce a monthly payment of $1,043.77 on a loan amount of $200,000. That rate is 4.754 percent, which would be your APR on this loan. That's what this mortgage APR calculator can determine for you, in addition to calculating your interest costs and producing a full amortization schedule
There are many costs associated with taking out a mortgage. These Costs include:
- The interest rate
- Any Points Charged
- Other charges
Many borrowers make the mistake of focusing solely on the mortgage rate when they go shopping for a home loan. But the mortgage rate is only part of the picture. Closing costs and other fees can significantly affect the total cost of a mortgage. Discount points in particular can reduce your rate but mean much higher costs up front. The mortgage APR takes all of these into account and expresses them in terms of an interest rate.
Get today’s best Jacksonville mortgage rates @ www.GoCheckRates.com
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