What is considered the best mortgage rate?
The best mortgage rate varies for each borrower. The best rate for each borrower is determined on the borrowers personal goals: choosing a type of mortgage, the mortgage term (length committed to lender), the payment structure, the amortization period, and the competitive terms and flexibility of the lender.
You will need to realistically determine your needs over the term of your mortgage. As an example, if you choose a mortgage with a longer amortization period, it can reduce your monthly payments since you will be paying for a greater number of years. But, you will be paying for more interest over the life of the mortgage. If you make a small income and would like to live more comfortably– this type of term might be ideal. The best mortgage rate really depends on your personal goals.