flgaland@gmail.com
    (386) 243-0124

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What You Need to Know About Mortgage Interest Rates

what you need to know about mortgage interest rates - north florida land for sale

Your interest rate on your mortgage is used to calculate your monthly mortgage payment. The higher your rate is, the higher your monthly payment will be. That’s true whether you’re buying property, like a timber tract for sale in North Florida, or a $500,000 home for sale near Lake City.

Let’s Talk About Mortgage Interest Rates

You have several options when it comes to home loans, and they include fixed-rate mortgages and adjustable-rate mortgages.

Fixed-Rate Mortgages

With a fixed-rate mortgage, your interest rate never changes. Your payment doesn’t change, either – it stays the same for the length of your loan.

Adjustable-Rate Mortgages

Adjustable-rate mortgages change because the interest rate is linked to an index of interest rates. When the index changes, so does the interest rate used to calculate your monthly mortgage payment.

What is APR?

The acronym APR refers to annual percentage rate. Your APR tells you the estimated cost of your loan, including the interest rate and other fees you pay up-front (like loan origination fees and discount points).

You can use the APR to compare one loan to another and figure out which one provides the best value.

Do You Need to Talk to a Lake City Realtor® About Buying Property?

Whether you’re buying a house, a farm, or a tract of timberland, we can help you find something that’s just right for your needs.

Call us at 386-243-0124 or contact us online. We may be able to help you find the perfect property in Lake City or the surrounding communities.

In the meantime, check out our:

  • Waterfront residential
  • Waterfront land
  • Bank-owned and foreclosures
  • Short sales
  • Paved road frontage
  • Non-deed-restricted land
  • Wooded oak tree land
  • Land for land home combo

 

Posted in: Blog, Buyers, Buying, Credit, Financing, Mortgages Tagged: Adjustable-Rate Mortgage, Annual Percentage Rate, APR, Fixed-Rate Mortgage, Interest Rates

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250 NW Main Blvd #75
Lake City, Florida 32055

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Search Smarter

Did you know the hottest North Florida land for sale often sells within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest land as they hit the market! Simply click the button below and choose the types of North Florida land you are looking for and save your search to start getting alerts today!

New Property Alerts

As a local expert, I also have access to North Florida land for sale before it hits the market and can show you more information that is only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact me contact me at your convenience. There is no obligation and or pressure... I hope to hear from you!

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