Navigating mortgages in the U.S. isn’t just about interest rates: understanding loan types, refinancing options, and how to lock a rate now may impact costs over decades.
Why Understanding Mortgage Basics Could Save You Thousands
Many buyers focus only on interest rates, but the real costs of a mortgage can stack up through overlooked fees, loan terms, and the type of lender you choose. Fixed or adjustable? Government-backed or conventional? Each option comes with trade-offs that affect long-term financial flexibility. A strong credit score helps, but even buyers with good profiles often miss out on better rates by skipping pre-approval or failing to compare lenders. Refinancing also isn’t always the win it seems—timing, equity, and fees can cancel the benefits. Knowing how lenders price loans and what questions to ask can turn a confusing process into one that actually saves you money.