How to Avoid Overpaying for Your South Loop Chicago Mortgage

February 13th, 2015 by: relatedchicago

tips-avoid-overpaying-mortgageA busy professional interested in buying a new residence couldn’t do better than homes for sale in the South Loop. The area offers all of the amenities of living in the best part of the city: easy access to transportation, museums, and restaurants, as well as the culture and social events that make Chicago great. South Loop Chicago real estate offers a wide range of prices and sizes, to fit the small family or single family lifestyle.

Finance Matters: How to Make Sure You’re Not Overpaying On Your Mortgage

Once you find the perfect place, it’s time to double check the points of your mortgage. Being well informed is the best way to make your decisions. Here are some key points you should be aware of when comparing lender’s offers:

  • Interest Rate. In short, the interest rate is the rate of interest you’re charged to borrow the money needed to secure your home.
  • APR. A lot of people completely overlook this when deciding on their price for a home, only looking at the interest rate. The APR is the cost of the loan in total, including all of the fees and points that might vary from lender to lender – this is the real number you should be paying attention to when comparing.
  • Fees. Mortgage loans generally come with a variety of fees. Ask them to separate and itemize these fees for you, so that you can better compare one lender with another. Some fees may be negotiable, don’t just acquiesce to a loan when you’re not comfortable with the terms.
  • Lock the Rate. Locking the rate is important because it will fix your rate and fees, giving you time to finalize and close on the home.

To find out more about homes for sale, contact your South Loop realtor today!

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