This is the number of months it will take to recoup your costs and start saving monthly with the reduced rate. Other lenders may quote a low interest rate, but often charge miscellaneous fees in addition to origination and closing fees. You'll want to look closely at the APR to see how much you're really paying for your loan. At HomeSide, we're committed to quoting our rates accurately and letting you know about any pre-paid fees up front. Plus you'll end up owning your home in half the time.
Payment includes principal and interest only.
Depending on the market, you may want to wait before locking in an interest rate, or you may want to lock in as soon as possible. At HomeSide, we like to give our customers a second chance to get the best interest rate available with our Float Down option. If your application is approved, and interest rates drop before your closing, you ll have the option to float down. If you meet certain criteria, you can receive a loan decision right over the phone when you apply. Otherwise, it still takes only 48 hours for your loan decision.