Mortgage rates are based on credit scores, amount of the loan compared to the value of the home, and also how much debt you have compared to income.
Rates are better if you just do a rate and term, lower rate ,lower term. cash out to pay credit cards, home improvement, etc. can make the rate higher. credit scores 620 and higher can get better rates.
What is the easiest way to start understanding mortgage rates? All I have are papers that I don%26#039;t understand.
Start here- http://www.regionalmortgages.com/terms.h...
Thats a glossary of mortgage terms.
If the mortgage broker did not completely explain the mortgage to you I would find another lender.
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