You know, one of the things that I come across all the time that still bothers me, even after all these years in the mortgage business, is people not knowing, or understanding what their mortgage actually costs them. 

Sure, everybody knows what they pay monthly, and most know what their rate is, but how many folks actually know what their total cost for borrowing money really is?

The answer... not many. 

See, here’s the thing, there’s all kinds of costs associated with borrowing your mortgage, and a lot of those costs don’t get factored into the bottom line. Sometimes it’s as simple as the cost of a lawyer to close the deal, or how much it costs for an appraisal, and sometimes it’s far more consequential. 

So many focus on what annual rate they’re getting, but miss costs like mortgage breakage fees, or outrageous broker and lender fees.

Of course every borrower, and every situation is going to be different. No two are ever the same. There are however some general rules to follow when figuring out the total cost of borrowing. 

That’s exactly what we’re talking about today on the “Investment Property Income” podcast. The rules can change slightly depending on the type of lender you’re using, and we discuss all of that in this episode. 

www.guidetothegrind.com