Sentences with phrase «rate over the entire life of the loan»
With a fixed - rate mortgage, you pay the same interest rate over the entire life of the loan.
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This makes it very different from a fixed mortgage, which instead carries the same rate of interest over the entire term or «life» of the loan.
In addition, it is important to keep in mind that the APR spreads all costs associated with the mortgage over the life of the loan, so if you do not expect to keep your mortgage for the entire loan term, the APR will not be a proper representation of the rate for your loan.
Our interest rate went from 5.5 % to 3.5 %, which helps us save thousands of dollars over the entire life of our loan.
These factors are home value, up to a maximum cap; age; interest rate; and loan type, which include a lump sum, monthly payment over a specified term, monthly payment over your entire life, line of credit, or some combination of these options.
If you have a fixed rate mortgage, your monthly payment for your principle and interest will stay the same over the life of the loan until your entire loan balance is paid off.
It further highlighted industry estimates that re-default rates could be as high as 75 % over the entire life of the loans.
Thereafter, the lender can adjust the rate on an annual basis up to the maximum of five per cent over the entire life of the loan.
As the name suggests, a fixed - rate loan is one that keeps the same interest rate over the entire life or «term» of the loan.
Using the $ 35,000 student loan example: If automatic debit is used during the entire life of a 10 - year loan, reducing the interest rate from 4 percent to 3.75 percent, you could save $ 500 over the life of the loan in interest payments.
For example, if the caps are 2 percent annual and 6 percent life of loan, a mortgage with a first - year rate of 10 percent could rise to no more than 12 percent the second year, and no more than 16 percent over the entire loan term.
This makes it very different from a fixed mortgage, which instead carries the same rate of interest over the entire term or «life» of the loan.