![]() ![]() Let’s say you want to purchase a $100,000 home so the bank agrees to provide with a loan at a fixed interest rate of 5% for 15 years. The easiest way to understand an amortization schedule is through an example using a mortgage. You can also look into mortgage points, which could lower your interest rate. Once you get quotes from several lenders, be sure to compare each line by line, particularly on the APR, origination fees, and closing costs.
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