FAQ’s
Learn about rates & mortgages
As someone who is interested in the world of finance and real estate, you may find it beneficial to dive deeper into the topic of rates and mortgages.
A mortgage rate is the interest charged by a lender on a home loan, affecting the monthly payments and total loan cost. It can be fixed or variable and is influenced by factors like credit score, loan type, and market conditions.
Choosing between a variable and fixed rate depends on your needs. A variable rate may start lower but can increase, while a fixed rate stays the same, giving you predictable payments.
You can lock your mortgage rate by asking TechLoans to secure it before closing your loan. This guarantees your rate won’t go up for a set time, even if rates change.
A mortgage rate hold is when TechLoans reserves a specific interest rate for you while you finalize your mortgage application. This protects you from rising rates for a set period, ensuring you get the agreed-upon rate if rates increase during that time.
Mortgage rates can change every day based on the economy and market trends. Even small changes can affect how much you pay each month and over the life of your loan.
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