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Mortgage Rates

  • Q: What does it mean to "lock in" your rate?

    A: Think interest rates are on the way up? Then “locking in“ your interest rate before you close may be a great idea. This simply means your lender "freezes" your interest rate—typically between 15-90 days—before you close. Call 1-800-620-6292 for more information.
  • Q: Aren't the interest rate and the annual percent rate (APR) the same thing?

    A: No, but they are very close. The interest rate is how much it costs to borrow the money from your lender. The APR is the total cost of your mortgage and accounts for additional fees like closing costs, origination charges, lender points, and private mortgage insurance (PMI). Call 1-800-620-6292 for more information.
  • Q: What are points?

    A: Paying discount points means you can lower or “buy down” your interest rate (as well as your monthly payment) over the life of your loan. One point equals 1% of your loan amount. When you pay a point, you are essentially paying part of your interest to the lender up front. So if you have the funds, buying down your rate is a good way to reduce the total amount of interest you’ll pay over time. Call 1-800-620-6292 for more information.
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Finding your way through the mortgage process starts with getting answers to your questions. At Embrace, we want you to rely on our expertise for the information you need to make informed decisions about your finances. We've listed the most commonly asked questions on the right. Some answers will depend on your situation, so please don't hesitate to give us a call at 1-800-620-6292 for more detailed information. We're always happy to help.

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