Kevin McGoff - Countrywide Home Loans, FSB

he same care and consideration you give to finding the right house should be applied to your search for the right mortgage loan. For most home-buyers a major determining factor in selecting a loan is the cost associated with that loan. But how do you determine the cost of a mortgage loan? Also, are you aware that the amount of time you plan on staying into the home is a big factor on which mortgage product will work best for you?

Ask a Pro...

I have been providing mortgage loans throughout the Boston market for almost 2 decades. I will offer you sound mortgage advice and will compete to win your business and make you one of my "clients for life". My employer is the Nations' largest lender, currently with 8,000,000 customers. 

If you have any questions I can answer in advance, try reaching me on my cell phone at (781) 771-9976.

More than Just Interest..

A number of fees are associated with mortgage loans, including:

• Appraisal - A carefully documented opinion of value by a licensed, professional appraiser.

• Credit Report - A detailed report of your credit, employment and residence history prepared by a credit bureau.

• Principal - The amount owed on a mortgage which does not include interest or other fees.

• Document Fees, Loan Fees and Processing Fees - Miscellaneous fees charged by the lender.

• Discount Points - Points paid in addition to the loan origination fee to get a lower interest rate. (1 point = 1 percent of loan amount)

• Origination Points - the total number of points paid by the borrower at closing. (1 point = 1 percent of loan amount)

• Interest Rate - A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.

Using the Annual Percentage Rate (APR) to Compare Mortgage Loans

The APR was designed to help borrowers understand the relative costs of a mortgage loan. The APR takes into account the various fees associated with the loan, which is why it is often higher than the interest rate. Understand that not all lenders calculate a loan's APR in the same way. That is why this should be only one of the factors used in selecting the best mortgage for you.

Locking-in Interest Rates

Another factor to consider when selecting a loan is whether the lender will lock-in the mortgage's interest rate and points. Click here to learn more about lock-in options.