One of the first things you may want to consider when choosing a mortgage loan or refinancing is your preferred loan term. Shorter terms generally offer better interest rates than longer terms .
Fees are another detail to factor into your overall payment. These can vary depending on your loan type and thecharged by your lender. Both your fees and interest rate can affect your monthly payment. Before you take on any new loan, calculate your monthly payment to make sure you can afford it. If you're refinancing, make sure you compare all of the details of the new loan you're approved for against your existing mortgage. Even if you get a better rate, other factors could ultimately end up costing you more in the long run.
And don't forget to lock in your mortgage rate after you've made your decision, so you can rest assured that it won't increase again before you actually close on your home.While mortgage rates are higher than they were a few years ago, both new homebuyers and existing homeowners who want tostill have plenty of good options.