Video Title: It's the payment, not the rate. 

Video Text: If you’re in the market for a new home or refinance you’re probably hearing a lot about mortgage interest rates.  And you probably think the lower the rate, the less you will pay.  But the truth is there is a lot more that goes into determining your monthly payment than the rate and the lowest mortgage interest rate doesn’t always mean the lowest payment.  For starters there’s standard closing costs, appraisal fees, processing fees, title fees and more can add up to thousand of dollars due at closing.  A lot of people choose to take a slightly higher interest rate to cover their standard closing costs.  It’s called getting a credit for the rate.  And if you choose a lender that charges a lot of additional fees, you could end up with a higher rate than you should. Then there is mortgage insurance or MI.  If you are planning on bringing less than 20% down at closing, MI will likely be required with either a different monthly payment known as borrower paid MI or financed into the rate, known as lender paid MI. MI has a rate of its own, and if you get a lower mortgage insurance rate you can have a higher interest rate but still end up with an overall lower monthly payment. And that’s good news, because the amount coming out of your bank account each month is what really matters.  Confused?  We can help.  We’ll help you get some of the lowest standard closing costs, some of the cheapest mortgage insurance and a low rate, so that you’ll get one of the lowest monthly payment available for your specific situation, and enjoy a great mortgage experience.  Find out how much we can save you, lets talk today!

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