Tag Archives: mortgage interest rate

“My Mortgage Interest Rate Doesn’t Matter That Much . . . Does It?”

Remember the ‘80’s? That great time when your mortgage interest rate climbed to over 18%? No, that’s not a typo, and for those who were around back then, it’s not a pretty memory. With the historically low interest rates that we’ve enjoyed for the last decade, sometimes it’s hard to believe the mortgage interest rate was ever that high.

But it brings up a good question that a lot of people might not think about these days – and this is a topic we believe is important for homebuyers.

“For most of us, our personal financial gains take place over the long run,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “We spend most of our adult years trying hard to make smart buying and investing decisions – so that over time, those decisions keep adding to our overall net worth. And the better that number is, the better we can provide for our families and plan for our future. That’s one of the reasons we value our credit ratings so much – because it opens doors for us to save money by having better financial options. The less of a credit risk you are, the more favorable your mortgage interest rate.

“However, in many cases when buying a home – which is often the largest monetary investment a person will ever make – borrowers seem to set aside their financial vigilance and place all their trust in the ‘professionals’ to make sure they’re getting the best mortgage interest rate and loan fees. It’s easy to understand how that happens. After all, in the excitement of finding “the perfect home” and preparing to move, there are just so many things to think about and so much to do.

“And yet . . . this one decision may end up having the largest impact of all on one’s financial stability. How? Because the amount of that monthly mortgage payment is tied directly to this: How much of what you’re paying is for your home, and how much goes to your lender as interest. In simpler terms: The amount of interest you pay out – is money that’s gone for good.”

In several of our previous articles, we shared how buyers can make sure they’re getting the best mortgage loan deal by explaining how to shop around for the best mortgage interest rate and lowest fees, and how important it is to check with more than one lender.

But today, we’d like to leave you with some figures to think about that demonstrate how critical this decision is in plain old dollars and cents.

Want to discover how you can save on your mortgage loan? Call 702.485.6600 – or visit the Premier Mortgage Lending website.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Henderson Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.