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
