Kentucky Mortgage Rates
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KENTUCKY CONFORMING 30 YEAR FIXED RATESToday's Average: 3.32% What does this mean?
About Mortgage Rates in Kentucky
Getting a mortgage in Kentucky, whether you live in Louisville, Lexington or Fayette, means figuring out what type of mortgage package makes sense for your financial situation. You can find options on your loan such as lowest interest rate, low closing costs, low interest expenses and more. It can become overwhelming trying to determine which type loan is right for your needs.
Mortgage 101 is able to help you find the perfect loan in the Kentucky area, whether you are buying a home in Frankfort or refinancing one in Louisville, we will have the best mortgage package for you.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in Kentucky
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.