Transforming Dreams Into Reality With These Smart Financing Tips
Understanding Interest Rates and Terms
When choosing a financing option, it's crucial to understand the associated interest rates and terms. A lower interest rate can save you a significant amount over the life of a loan. For instance, a 1% difference in interest rates on a $200,000 mortgage can save you over $30,000 in interest payments over 30 years3. Always compare the Annual Percentage Rate (APR) of different loans to get a true picture of the costs involved.