Patriot Mortgage
Mortgage Company in El Paso, TX
The interest rate on a loan is used to calculate your monthly payment. The higher the interest rate, the higher your monthly payment. The lower the interest rate, the lower your monthly payment. See our monthly payment calculator for a demonstration of how this works. With many loans, you can lower the rate by paying more points. If you have the cash, it's a nice way to save money on interest over the life of your loan. See how points affect rates. If you're low on upfront cash, then go for fewer points.
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Patriot Mortgage
read morePurchasing a home is a huge and exciting step in your life. We are here to keep your experience as stress-free as possible by helping you every step of the way of the mortgage process and keeping you well informed.
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read moreFill out the information below to find out how much your new home will cost you on a monthly basis.
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read moreHome loans are more than interest rates and points. They also involve other costs. The APR expresses the annual cost of a loan as a percentage, factoring in not only its rate, but the points and other charges over the life of the loan. The Truth-in-Lending law requires all advertisements for home loan credit terms include the APR. The APR is intended to enable you to compare terms of loan products from different lenders. Ready to sign a contract? If you're afraid rates are headed up, protect your buying power by locking in the rate at the time you apply for your loan.
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