This is the fee you pay to the lender for borrowing money to purchase the home. All loans come with interest, which varies, depending on your credit score and financial history. Securing a low interest rate may save you money over the life of the loan, versus a high interest rate. This is why a solid credit score and low interest rates matter.
Read more: 2021 Housing Market Trends: Another Year of Growth
Zach Child is a recent graduate from the University of Washington with an interest in digital marketing strategy. At Sundae, Zach is part of the team that distributes editorial content across social channels and is responsible for the creation of visual content that helps grow Sundae’s brand.