20-Year Mortgage Rates | NextAdvisor with TIME – NextAdvisor
20-Year Mortgage Rates | NextAdvisor with TIME  NextAdvisor

Advertised & Editorial Rates: This table includes two types of listings: ads that we may be paid for (“advertiser listing”); and listings that we research and publish to provide a more holistic view of market rates (“editorial listings”). Here’s how to tell the difference: if you see a clickable button, such as a green “Next” button, that is an advertiser listing, and if you do not see a clickable button, it’s an editorial listing. For more information, see our Advertising Disclosure

Accuracy of Advertised Terms: Each advertiser is responsible for the accuracy and availability of its ad offer details. However, we attempt to verify those details through our quality control program. For more information, see our Quality Control Program.

Editorial Content: We include editorial content below the rate table to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links. For more information, see How We Make Money.

Terms and Phrases that may be used in this Mortgage Rate Table

Upfront costs: The upfront costs are charged for originating the loan. These costs are commonly labeled as Origination, Application, Processing, Underwriting, or Administration fees. The upfront costs may not include all costs associated with securing your mortgage. Please visit the Consumer Financial Protection Bureau’s website or consult a loan officer or broker for more information.

Points: Points are fees paid directly to the lender in exchange for a reduced interest rate. A point is equal to 1% of the borrowed funds. By paying points, you save money on interest over your mortgage’s term.

5-year cost: This is an estimated amount you’ll pay in interest and costs, such as the upfront costs and points, for the identified time. The estimated amount does not include principal payments or other costs, such as taxes, insurance, or private mortgage insurance. Your actual loan terms, such as the rate, annual percentage rate, monthly payment, and upfront costs, may be different because of other factors, such as your credit score, income, and employment history.

Calculate your monthly payment:

Principal: The face value of a loan, independent of the interest charged on the loan amount.

Interest: Payments made to a lender by a borrower in exchange for a loan.

Property Tax: Any tax on real estate or certain other forms of property.

Private mortgage insurance (PMI): An insurance policy that compensates lenders for losses from a mortgage loan default.

Homeowner association (HOA): A private association formed by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision.

One-time fees breakdown: These fees are estimates of the fees charged by the lender for processing, approving and funding a loan.

Source: time.com