As you will see in this Fast Forward Stories video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment.
Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate lock-in which guarantees a specific interest rate for a certain period of time.
Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you.
The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate.
It is generally higher than the mortgage interest rate because it also includes the cost of points, mortgage insurance and other fees included in the loan.
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