How Interest Rates Impact Your Mortgage Payments | Stellar Finance Group
When you’re buying a home, the interest rate on your mortgage plays a huge role in your monthly payments.” An interest rate is the cost of borrowing money from the bank. The higher the interest rate, the more you’ll pay back over time.” Let’s simplify. On a $300,000 loan, if you have a 3% interest rate, your monthly payment might be around $1,200. But if the rate jumps to 5%, that payment can go up to $1,600.” Even a small difference in interest rates can add up! That’s why it’s key to get the best rate you can when shopping for a mortgage.” Make informed decisions today for a smoother financial future tomorrow.”
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