Did you ever think you’d need to dust off the old math books to understand the home buying process? It can be confusing when talking terms like mortgage rates and calculating how they play into your home expenses. We’re taking the confusion out by answering your mortgage rate questions.
What’s a mortgage rate?
Simply put, a mortgage rate is the rate of interest charged on a mortgage. It can be a fixed-rate mortgage (FRM) meaning it doesn’t change, or an adjustable rate mortgage (ARM) meaning it fluctuates during the loan’s life.