inception-app-prod/YjYzY2Y1N2YtMTRhOC00MGQ3LWE4NWQtMDc5NjgzOGNiZjYy/content/2021/03/projektbeztytuu-2021-03-02t101505.287.png
  • About
    • About Yates
    • Why Choose Yates?
    • Client Reviews
    • Listings
  • Blog
  • Areas
    • Central Virginia
    • Charlottesville
    • UVA & Downtown Neighborhoods
  • Find a Home
    • Before Buying
    • Home Buyer Checklist
    • Your FICO score
    • Closing Costs
    • New construction
    • Fixer-uppers
  • Sell a Home
    • Best Price for Home
    • Property appreciation
    • How to Succeed
  • Resources
    • Environmental Issues
    • Relocation
    • Preparation for Moving
    • Useful Contacts
    • Green Housing Colleagues
  • Contact Yates
inception-app-prod/YjYzY2Y1N2YtMTRhOC00MGQ3LWE4NWQtMDc5NjgzOGNiZjYy/content/2021/01/yates-nobles-2x3x150.jpg
434-996-0888
yates@yatesnobles.com
Sign In
Sign Up
inception-app-prod/YjYzY2Y1N2YtMTRhOC00MGQ3LWE4NWQtMDc5NjgzOGNiZjYy/content/2021/03/projektbeztytuu-2021-03-02t101505.287.png
  • About
    • About Yates
    • Why Choose Yates?
    • Client Reviews
    • Listings
  • Blog
  • Areas
    • Central Virginia
    • Charlottesville
    • UVA & Downtown Neighborhoods
  • Find a Home
    • Before Buying
    • Home Buyer Checklist
    • Your FICO score
    • Closing Costs
    • New construction
    • Fixer-uppers
  • Sell a Home
    • Best Price for Home
    • Property appreciation
    • How to Succeed
  • Resources
    • Environmental Issues
    • Relocation
    • Preparation for Moving
    • Useful Contacts
    • Green Housing Colleagues
  • Contact Yates
inception-app-prod/YjYzY2Y1N2YtMTRhOC00MGQ3LWE4NWQtMDc5NjgzOGNiZjYy/content/2021/03/projektbeztytuu-2021-03-02t101505.287.png

The Cost of Your Mortgage Loan

The same care and consideration you give to finding the right house should be applied to your search for the right mortgage lender. For most home-buyers a major determining factor in selecting a lender is the cost of the mortgage loan. But how do you determine the cost of a mortgage loan?

 

Shopping for a Mortgage Loan

While most buyers concentrate on interest rates, it is best to look at all the costs associated with a mortgage loan. Mortgage loans include the quoted interest rate, points and closing costs.

 

More than Just Interest

A number of fees are associated with the mortgage loan, including:

  • Appraisal - A carefully documented opinion of value by a licensed, professional appraiser.

  • Credit Report - A detailed report of your credit, employment and residence history prepared by a credit bureau.

  • Principal - The amount owed on a mortgage which does not include interest or other fees.

  • Document Fees, Loan Fees and Processing Fees - Miscellaneous fees charged by the lender.

  • Discount Points - Points paid in addition to the loan origination fee to get a lower interest rate. (1 point = 1 percent of loan amount)

  • Origination Points - the total number of points paid by the borrower at closing. (1 point = 1 percent of loan amount)

  • Interest Rate - A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.

     

    Using the Annual Percentage Rate (APR) to Compare Mortgage Loans

    The APR was designed to help borrowers understand the relative costs of a mortgage loan. The APR takes into account the various fees associated with the loan, which is why it is often higher than the interest rate. Understand that not all lenders calculate a loan's APR in the same way. That is why this should be only one of the factors used in selecting the best mortgage for you.

     

    Locking-in Interest Rates

    Another factor to consider when selecting a lender is whether the lender will lock-in the mortgage's interest rate and points. Click here to learn more about lock-in options.

Address

Yates NoblesMontague, Miller & Co500 Westfield Rd, VA 22901
4349960888
yates@yatesnobles.com

Essentials

  • About Yates
  • Areas
  • Useful Contacts

Explore communities

  • Central Virginia
  • Charlottesville
  • UVA & Downtown Neighborhoods

Consumer Protection & Privacy

  • DMCA Compliance
  • Accessibility
For ADA assistance, please email compliance@placester.com. If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information.
inception-app-prod/YjYzY2Y1N2YtMTRhOC00MGQ3LWE4NWQtMDc5NjgzOGNiZjYy/content/2021/03/Projektbeztytuu-2021-03-29T112151.856.png

© 2023 All rights reserved

Created with Placester

Sign in

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Your password needs:
At least one uppercase letter
At least one special symbol or number
At least 8 characters
Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Your password needs:
At least one uppercase letter
At least one special symbol or number
At least 8 characters
Change password
Sign Up
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Account verification in progress

Account Verified!
The page will reload automatically.
Go to the homepage
Verify your email address
In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link