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Rates

ASSUMPTIONS:Purchasing a $350k home in Cook ,Illinois with $70k down...

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RATE TYPE RATE/APR POINTS/CREDITS PER MONTH
15 Years 15-YEAR FIXED 3%3%
781
100%
1,934
100%
20 Years 20-YEAR FIXED 3.375%3.375%
84
66.6666666667%
1,606
75%
30 Years 30-YEAR FIXED 3.625%3.625%
333
33.3333333333%
1,277
25%
25 Years 25-YEAR FIXED 3.625%3.625%
333
33.3333333333%
1,421
50%
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Credits

A lender credit is money from your mortgage lender to help cover the mortgage-related closing costs associated with the purchase of your house. Your lender may offer you several thousand dollars in credit to cover most or all of the those costs. That credit is then applied to your mortgage.

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Points

Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.

One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).

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Here’s the fine print with our mortgage rate assumptions and disclaimer information.

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  • Rates and fees are as of time displayed above and are subject to change without notice.
  • Better does not charge an origination fee. The one-time costs shown include points/credits and third-party fees. An escrow deposit, pre-paid interest, and other charges may be required depending on your situation.
  • Monthly payments do not include taxes and insurance premiums. Your actual monthly housing expenses will be higher.
  • We don’t yet have your complete financial picture. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
  • Loan approval is subject to underwriter review: not everyone who applies will be approved.
  • We also assume: closing costs are paid out of pocket and debt-to-income ratio is below 35%.

Have more questions? We have answers.

What’s the difference between a fixed and adjustable rate?

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What are points and credits?

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Are mortgage rates the only aspect to consider when choosing between lenders?

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