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Home Loans... More than just a rate.

Home Loans... More than just a rate.

What is a mortgage loan rate?

Rate or interest is simply a percentage of the loan a lender charges to borrow money. This figure is beneficial to know so you can compare the cost of different lenders. To make the comparison easier, lenders must also inform you about how that interest rate will affect your payments over an entire year. This interest is known as the Annual Percentage Rate or APR, and it also includes any fees or additional costs associated with the loan.

Lower isn’t always better

Even though a financial institution states that they offer favorable rates, and another may be slightly higher, it does not mean that the lower rate is necessarily the better deal. There could be many things such as assumptions, added fees, short-term promotional periods, points, pre-payment penalties, and higher closing fees, which can make a good deal not as attractive as what other banks may have offered.

Explore the different home loan products

Before choosing the right home loan product, buyers should know the different loan products offered. Learning the differences between a fixed or adjustable-rate mortgage (ARM) will help you decide which option is best for your budget. Also, take the time to look at closing costs, as financial institutions differ on what they charge for fees and rate buydowns.

Find the right lender

The right mortgage lender is helpful in a loan transaction as well. Maintaining constant communication with your lender proves beneficial during the loan process. You also want to choose a lender who is knowledgeable about the products they offer and can serve as an “advisor” during the loan process.

Ultimately, those buying a home need to find the right Lender and Realtor that you are comfortable working with to purchase your dream house.

Meet the Lender

Ryan Ludy (NMLS# 1836499)

*Serving our Eau Claire location

Ryan has gotten to work with numerous home buyers in the Eau Claire and Chippewa Falls region, and is very involved within the community. Ryan is an Advisory Board Member for Boys and Girls Club of Greater Chippewa Valley, involved with Big Brothers and Big Sisters of Northwestern Wisconsin, and a member of the Young Professionals of Chippewa Valley. When asked what his favorite part of his job is, he stated, “The people… whether it’s the team I work with, or the customers that I have met along the way. It’s great to be a part of helping a young family purchase their first home, people building their dream home, or a couple moving into that perfect retirement home. The rewarding experience for me is helping others while building relationships with all types of people.”




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