Getting a Mortgage? Why You Can't Just Look at Rates

Maurie Backman, The Motley Fool
·3-min read
Getting a Mortgage? Why You Can't Just Look at Rates

The lower the interest rate you pay on your mortgage, the less expensive your monthly payments will be. Rather, you'll have to pay closing costs to finalize your loan. Lenders can't control some of the costs -- for example, the fee to record a mortgage is generally established by local governments and is unavoidable.