Bank Rates and Mortgage Rates


What is the difference on compound interest that is calculated daily, weekly, monthly, etc? Basically the more frequently it is compound, the more money you can earn. But it really only makes a difference if you invest ALOT of money (over 6 figures). Rule of thumb: if you compare APYs, or annual percentage yield, the compounding effect is already taken into account, whether it be daily, monthly, or etc.


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Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.






Note: The rate that is you qualify for and the lender fees charged usually depends on your credit score. Lenders offering the best rates and lowest lender fees typically ask for a score of 750 and above.

Home loans are available from several types of lenders--thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions.





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