Is This a Good Mortgage Rate?

The loan we are applying for allows a few options when it comes to interest rates. The loan is the USDA Rural Development Loan. They said we can decide between the current Fannie Mae rate or the VA rate. We can also let the rate “float” in case it goes down between opening and closing of the loan and then lock it if it goes lower.

I’m trying to figure out what all this means and what I should do. Any suggestions?
We get to decide between those two rates, then the lender adds up to 1 point to that rate.

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