For most Americans, buying a home is one of the most significant purchases they’ll make.
The median home value in the United States is $231,000, according to data through October 2019. Since most people don’t have that kind of liquid cash available, a mortgage — in which you borrow money from a lender and spend years paying it back, plus interest — is a necessary part of the home-buying process. The experience of your mortgage broker matter greatly since the interest rate, type of mortgage and length of time you have to repay can dramatically impact the total amount you spend. Lower your rate by a percentage point or two or pay the mortgage off a few years early and you’ll save thousands in interest over the course of the loan.
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