Q. Are mortgage rates compounded monthly or daily?
A. Most mortgage loans in the U.S. have rates compounded on a monthly basis.
While most people overlook the difference between an annual rate and a rate that compounds on a monthly basis, for a large loan, it could be thousands of dollars difference each year.
A. Most mortgage loans in the U.S. have rates compounded on a monthly basis.
While most people overlook the difference between an annual rate and a rate that compounds on a monthly basis, for a large loan, it could be thousands of dollars difference each year.
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