HAVE A FEW MORE QUESTIONS?
Our Loan Experts Can Help
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What Does The APR Mean?
Annual Percentage Rate (APR) is a measuring tool to compare two different loan types or terms that represents total costs of a loan (interest plus closing costs) as a percentage. It can aid in determining which loan option will cost the least over the life of the home loan. It should be considered when doing loan option comparisons along with other factors including what your financial goals are.
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How Much Does a 1% Lower Rate Save On A 30-year Mortgage?
This depends on the loan’s size, but a quick way to measure the savings each month is to take the loan size, multiply it by 1%, and divide by 12 to see how much it will save you that month in interest. Check out our Amortization Calculator to figure out savings over a 30-year loan.
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Why Are 15-year Mortgage Rates Lower Than 30 Years?
15-year mortgage rates are lower than 30-year mortgage rates because it is less risky for the bank to lend you money for a shorter length of time than a longer one, so they give you a better rate/deal for returning their initial loan sooner.
Spire Financial brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.