keepTheWall
First-time buyer
I’m comparing mortgage quotes for a property purchase of around $770,000 in New York. One lender has quoted 5.74% fixed for 10 years. The advertised rate looked lower, but the illustrations use different assumptions, and arrangement fees plus the loan-to-value tier narrow the apparent difference.
What is the most useful like-for-like measure here: APR, total interest over the 10-year fixed period, or total cash paid during that period including upfront and financed fees? I’m inclined to compare costs over 10 years, but that may be misleading if refinancing or selling earlier is realistic.
I’m also looking at monthly affordability, early-repayment terms, portability, and what happens when the rate resets. Which figures would you put into a comparison table, and what assumptions would you use for the likely holding period and any future refinance?
What is the most useful like-for-like measure here: APR, total interest over the 10-year fixed period, or total cash paid during that period including upfront and financed fees? I’m inclined to compare costs over 10 years, but that may be misleading if refinancing or selling earlier is realistic.
I’m also looking at monthly affordability, early-repayment terms, portability, and what happens when the rate resets. Which figures would you put into a comparison table, and what assumptions would you use for the likely holding period and any future refinance?