Interest rate is not everything!
It is important to know how often the lender re-amortizes your loan! Daily? Monthly? Quarterly? Never?
This can make a big difference in the long term. Also, if your mortage re-amz daily and you do a Bi-weekly payment plan, you can save even more!
The market for $700,000 + trophy homes (in my city) isn't what it used to be. I see houses like that sit on the market for a long time lately, but the more reasonable homes that sensible working families can afford are still selling quickly in my city, thanks to low interest rates.
Originally posted by: Entity
Bump. Starting to seriously look now; had credit scores run, and were offered $270k at 5.6%. A bit high, so we're going to look for a few other lenders; any recommendations? We may see how low we can get the rate if we put 20% down, which may be reachable. Not sure.