When purchasing a home, and when borrowing money from a mortgage lender or bank, you have to know the Mortgage Interest Rate that you are going to be paying on the money you are borrowing from that lender. When you are fully aware of the rates, and when you use the right calculators to find out your monthly payments, you are going to find what you can afford, and what amounts you are going to want to borrow when you are looking to take out a home motgage.
When you know the rates, and when you know the interest being charged when you buy, is going to allow you to choose the right mortgage lender, and will help you find the best terms on the repayments, when you finally do start paying back the money to your mortgage lender, for the home you are going to be purchasing when you do take out the mortgage loan.
So, before borrowing, one has to be fully aware of the Mortgage Interest Rate they will be paying, and they have to be fully aware of all the rates that are involved when they are buying the home, and dealing with a particular lender for their home mortgage.
Knowing all aspects of the loan, and realizing what the monthly payments will be, and what amount they are going to pay in interest during the term of the mortgage, are all things that will help a borrower choose the right mortgage, and pick the right lender, when they are ready to make the purchase on a new home they are considering buying.
So, before borrowing, one has to be aware of the mortgage process, all the rates that are involved, and what the Mortgage Interest Rate is going to be up front, and during the entire course of the mortgage they are taking out on the home.