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fa'Vteal Estate
EtteenM. Day realtor
KNOW THE COST
OF A LOAN
When you are negotiating to purchase real estate, one of the prime considerations is the price you will pay the seller. Another prime consideration is the price you will pay the bank to borrow the money for the purchase.
Not all lending institutions, even though they may be in the same locale, charge the same rate of interest. Sometimes the difference can be as much as 1%. This doesn’t sound like a big difference, but a 1% lower interest rate can save you around $11,000 over a 25 year loan of $50,000!
“Points’* charged by the lender are another consideration. Points are the fee charged for making the loan. This charge is in addition to the interest and other closing costs. One point equals one percentage point. On a $50,000 loan, a bank that charges two points would collect $1,000 over and above the interest charged on the loan.
In the sometimes complex world of real estate financing an experienced Realtor is your best ally. Let us help guide you through the financial maze.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEhj M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We're here to help.
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