Frequently Asked Questions About Interest Rates

01/24/2022 01:40 PM By Cody Stevens

How does Gapital determine my mortgage interest rate?

We don't. Based on a wide range of factors, such as market conditions, credit history and property characteristics, we shop the through our array of lenders to find you the best program and interest rate for your particular scenario.

Will I get the same rate I was quoted?

Yes. If you provide accurate information, the mortgage rate quote you receive will be available to you in almost all cases.

Keep in mind that rates change constantly, so the sooner you apply and get us all the needed documentation, the sooner you can lock in your rate.

What is included in the monthly payment?

Your monthly payment generally consists of the following:

  • Principle and Interest
  • Homeowner's Insurance
  • Property Taxes
  • (if applicable) Homeowner's Association Due

Depending on the loan product, you may be able to waive impounds, which just means you can pay your insurance and taxes when they are due rather than adding them to your monthly payment.

What are points and credits?

Points represent a percentage of your mortgage loan amount (1 point = 1%). You might choose to pay points at closing in exchange for a lower interest rate on the loan. In other words, by pre-paying some interest, you are "buying down" your mortgage rate.

Conversely, you might choose to receive a credit (or rebate) at closing to help cover other costs and fees. This would correspond to a higher interest rate on the loan.