![]() ![]() (P) Principal: The amount you owe without any interest added.Your mortgage payment consists of four costs, which loan officers refer to as ‘PITI.’ These four parts are principal, interest, taxes, and insurance. Here are tips to get your best mortgage rate Shop for a lower rate: Rate shopping doesn’t have to take long, and it’s well worth the savings.However, you will pay more in total interest over the life of the loan Longer loan term: A longer loan term means lower monthly payments. ![]() Avoid private mortgage insurance: When you put at least 20% down on a conventional loan or 20% home equity on a refinance you can avoid paying monthly private mortgage insurance premiums (PMI).Also, the best mortgage rates generally go to borrowers with larger down payments, among other qualifying factors ![]()
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