What is the best interest rate?
These coming days the federal reserve announced that the interests rate will increase.
So where we shuld get the best rate. banks will offer the best long-term loan interest rate for housing. A housing loan is the most secured loan from the bank’s perspective because in case of the loan is not being paid the bank can sell the house and repay the loan. Therefore, in case there is a possibility to mortgage a house it’s better to do it in order to receive the best interests rate even if the money is not to buy or renovate the house.
Refinancing is when there is already a loan that was taken and the is already a mortgage on the house and there is an option to take another loan in order to increase the sum or to decrease the interest rate or to extend the length or decrease the monthly payment.
